Saudi’s PIF and Maaden Set Up New Company to Invest in Global Mining Assets - Bloomberg
Saudi Arabia will establish a firm to invest in mining assets internationally, as the kingdom seeks to diversify its economy from oil and secure access to strategic minerals.
The sovereign wealth fund and state miner Maaden signed a pact to form a company that will be funded with as much as 11.95 billion riyals ($3.2 billion), according to a statement on Wednesday.
Maaden’s shares rose 2.1% by 11:48 a.m. in Riyadh to 74.8 riyals, extending its jump this year to 16% and giving it a market value of $49 billion.
The new firm will invest in iron ore, copper, nickel and lithium, as a non-operating partner with minority equity positions. It will also try to sign supply agreements with the companies and mines it invests in.
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