Mining Finance: Saudi Arabia Invests in Copper, Nickel Mines - Bloomberg
A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player.
The agreement with Vale SA gives the kingdom a 10% slice in one of the world’s crucial suppliers of nickel and copper — essential metals needed to decarbonize. It’s also held other talks, including with Barrick Gold Corp. about investing in a big Pakistan copper mine, according to people familiar with the matter. Speaking privately, executives at top miners said the value of Thursday’s deal made clear that the Saudis are ready to splash cash around.
The move comes as the question of who controls the commodities needed to both sustain and decarbonize the world’s economies has turned into a global flashpoint, jumping to the top of agendas in the US and Europe.
China has for years been the dominant buyer and a key source of funding, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to look elsewhere.
Saudi Arabia is seeking to take minority stakes in global mining assets that will over time help provide access to supplies of strategic minerals. The country also is looking to build a metals-processing industry that could in turn make it more attractive for international miners to exploit its mineral deposits — a central pillar of Saudi efforts to diversify the economy away from oil.
Sunday 30 July 2023
#Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters
Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters
Kuwait Petroleum Corporation and its subsidiaries posted a net profit of more than 2.6 billion Kuwaiti dinars ($8.48 billion) in the last fiscal year, the highest in 10 years, the KPC's CEO said on Sunday.
Chief Executive Nawaf Saud al-Sabah said in a video on KPC's YouTube channel the company also increased its oil production capacity by 200,000 bpd to 2.8 million bpd in the same period.
The KPC's refining capacity jumped 50% to 1.2 million bpd, a figure which the company is seeking to raise to 1.4 million bpd this quarter, Al-Sabah added.
Kuwait Petroleum Corporation and its subsidiaries posted a net profit of more than 2.6 billion Kuwaiti dinars ($8.48 billion) in the last fiscal year, the highest in 10 years, the KPC's CEO said on Sunday.
Chief Executive Nawaf Saud al-Sabah said in a video on KPC's YouTube channel the company also increased its oil production capacity by 200,000 bpd to 2.8 million bpd in the same period.
The KPC's refining capacity jumped 50% to 1.2 million bpd, a figure which the company is seeking to raise to 1.4 million bpd this quarter, Al-Sabah added.
#Saudi bourse extends losses on profit-taking; Egypt gains | Reuters
Saudi bourse extends losses on profit-taking; Egypt gains | Reuters
Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%.
The lender last week reported quarterly net profit of 1.55 billion riyals ($413.28 million), up from 1.08 billion riyals a year ago, but down from the previous quarter.
On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit.
In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA).
Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.2%, ending five sessions of losses, with most of the stocks in positive territory including tobacco monopoly Eastern Company (EAST.CA), which was up more than 8%.
Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%.
The lender last week reported quarterly net profit of 1.55 billion riyals ($413.28 million), up from 1.08 billion riyals a year ago, but down from the previous quarter.
On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit.
In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA).
Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.2%, ending five sessions of losses, with most of the stocks in positive territory including tobacco monopoly Eastern Company (EAST.CA), which was up more than 8%.
DFM’s profits to equityholders leap 77% in H1-23
DFM’s profits to equityholders leap 77% in H1-23
Dubai Financial Market Company (DFM) posted AED 112.17 million in net profit attributable to the shareholders during the first half (H1) of 2023, an annual hike of 77% from AED 63.35 million.
Total income hit AED 218.11 million as of 30 June 2023, up year-on-year (Yoy) from AED 165.41 million, according to the financial results.
In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) amounted to AED 0.014, higher than AED 0.008 in the year-ago period.
Dubai Financial Market Company (DFM) posted AED 112.17 million in net profit attributable to the shareholders during the first half (H1) of 2023, an annual hike of 77% from AED 63.35 million.
Total income hit AED 218.11 million as of 30 June 2023, up year-on-year (Yoy) from AED 165.41 million, according to the financial results.
In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) amounted to AED 0.014, higher than AED 0.008 in the year-ago period.
#SaudiArabia's Ma'aden to acquire 10% of Brazil base metals firm - statement | Reuters
Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement | Reuters
Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.
Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.
"Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said.
The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024.
Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.
Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.
"Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said.
The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024.