Saudi Arabia Eyes Enhanced Mining Partnership with Brazil

29 Jul, 2024

Saudi Arabia Eyes Enhanced Mining Partnership with Brazil

A high-level Saudi delegation, led by Minister of Industry and Mineral Resources Bandar Alkhorayef, is in Brazil to strengthen ties and advance Saudi Arabia’s mining sector. On July 28, Alkhorayef visited Vale’s Carajas mines, one of the world’s largest iron ore production sites, where he explored advanced mining technologies such as remote management and driverless trucks. The visit focused on knowledge transfer, particularly for mining in rainforests and nature reserves, and forming partnerships with local communities.

Saudi Arabia is keen on developing its mining sector, estimated to hold $2.5 trillion in untapped resources, and aims to establish mining as a key pillar of its industrial strategy. During discussions with Vale officials, Alkhorayef and Deputy Minister Khalid Al-Mudaifer emphasized the potential for increased cooperation and investment in Saudi Arabia’s mining industry, with a focus on adopting modern technologies and enhancing environmental sustainability.

Saudi Arabia has also acquired a 10 percent stake in Vale Basic Metals Co. through a joint venture with Manara Minerals Co., reflecting its commitment to international partnerships. The strategic visit underscores Saudi Arabia’s efforts to leverage Brazil’s mining expertise and resources, further strengthening bilateral relations that have been robust for over 50 years.