Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef, recently met with Eduardo Bartolomeo, the CEO of Vale, a Brazilian multinational metals and mining corporation. The focus of the meeting was on exploring investment opportunities within Saudi Arabia’s mining sector for Brazilian companies. Al-Khorayef highlighted the incentives and capabilities available to investors, emphasizing the strong relationship between Saudi Arabia and Brazil in the mining sector. The meeting also discussed the use of modern technologies in mining projects to ensure efficient production and environmental sustainability.
Vale recently received support for its investments in Saudi Arabia, such as the iron pelletizing project in Ras Al-Khair, Eastern Province. Bartolomeo invited the Saudi delegation to visit Vale’s mines in Carajas to observe their best mining practices. The discussions with Vale underscored the potential for collaboration between Saudi Arabia and Brazil in the mining sector, with a focus on advancing the use of modern technologies for sustainable mining practices.
In a separate meeting, Al-Khorayef discussed cooperation opportunities in the manufacturing and petrochemical industries with Magda Chambriard, CEO of Brazilian Petrobras. The discussions highlighted Brazil’s extensive mineral wealth and mining experience, positioning it as a crucial partner for Saudi Arabia. The two countries have maintained strong relations for over 50 years, particularly in the energy and minerals sectors, laying the foundation for future collaboration in various industries.
Saudi Arabia is rapidly developing its mining sector, with an estimated SR9.4 trillion worth of buried mineral resources. The Kingdom aims to maximize the national economy’s benefits and establish mining as the third pillar of its industry. To attract investors, Saudi Arabia has improved its investment environment, offering incentives such as 75% financing of capital expenditures, a five-year tax exemption, and 100% direct foreign ownership. The recently launched Exploration Empowerment Program (EEP) aims to reduce exploration investment risks and accelerate innovative exploration, positioning Saudi Arabia prominently in the global mining industry.
The Kingdom also provides comprehensive and continuously updated geological data through a digital platform to help investors make informed decisions. The National Minerals Program, announced recently, aims to enhance the quality and efficiency of mineral supply chains and ensure their continuity for local industries and major projects, with plans to invest SR120 billion in basic and strategic mineral industries. Saudi Arabia’s commitment to developing its mining sector and attracting investments showcases its determination to become a key player in the global mining industry and forge strong partnerships with countries like Brazil.
Overall, the meetings between Saudi Arabia’s Minister of Industry and Mineral Resources and Brazilian multinational corporations like Vale and Petrobras highlight the potential for collaboration and investment opportunities in the mining, manufacturing, and petrochemical industries. The discussions focused on leveraging modern technologies for sustainable mining practices, maximizing the economic benefits of the mining sector, and enhancing the quality and efficiency of mineral supply chains. Saudi Arabia’s efforts to attract investors through incentives and programs like the Exploration Empowerment Program demonstrate its commitment to developing its mining sector and establishing itself as a key player in the global industry.
