Saudi Arabia seeks mining deals with Chinese, Indian and Canadian firms in industry push
Companies from China and India announced billions of dollars' worth of investments in the Saudi mining sector, while Canadian companies could win contracts in the kingdom.
Saudi Arabia announced potential bidders for mining exploration licenses in the kingdom on Tuesday, while signing agreements with companies from China and India.
The Saudi Ministry of Industry and Mineral Resources announced a list of qualified bidders to explore the Jabal Sayid belt northeast of Riyadh and the Al-Hajjar site in the southwest, areas the kingdom says are rich in copper, zinc, lead, gold and silver. The following are some of the companies that qualify to bid for exploration licenses, according to the Saudi Press Agency:
- China’s Zijin Mining Group
- India’s Vedanta
- Canada’s First Quantum Minerals, Silvercorp Metals, McEwen Mining and K92 Mining
- Saudi Arabia’s Al Masane Al Kobra Mining Company
- Several consortiums consisting of Saudi and international companies
Vedanta Copper International, a subsidiary of Vedanta, announced a memorandum of understanding with the ministry for the investment of $2 billion in copper projects in Saudi Arabia. The deal includes the establishment of a copper smelter and refinery, as well as a copper rod project in the Ras Al-Khair Industrial City, Vedanta said in a press release.
Zijin will invest $1.33 to $1.6 billion in Saudi Arabia toward the construction of a zinc smelter and a lithium carbonate extraction facility, Reuters reported.
