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Saudi Arabia promises 'game changing' Africa investments, with mining projects set to grow rapidly

A Saudi mine worker pours a stream of molten gold from the furnace into moulds to produce gold ingots during a press tour at the Al-Amar Gold Mine, 195kms southwest of the Saudi capital Riyadh, on May 28, 2008. Al-Amar is an underground mine which is designed to process ore at a rate of 200ktpa to produce gold which is then sold to third parties for toll smelting. Construction was completed during the half year period ended 30 June 2007 and the facility is currently undergoing commissioning and production b
To:

Al-Monitor Readers

From

Afshin Molavi

Senior Fellow, Johns Hopkins School of Advanced International Studies

Date:

Dec. 11, 2023

Bottom Line:

As global interest in Africa investment rises, Saudi Arabia enters the arena armed with a mandate to make “game-changing” investments, as Saudi Investment Minister Khalid Al-Falih said during a high-profile summit of dozens of African heads of state in Riyadh earlier this month. Saudi Arabia publicly backed debt relief for many African nations, signed more than $500 million in agreements at the Saudi-Arab-African Economic Conference, and has expressed interest in a wide range of sectors from food processing to renewable energy. A new mining company backed by Saudi Arabia’s Public Investment Fund (PIF) is actively engaged in exploring up to 45 different potential mining sites across the continent, with major announcements expected at the kingdom’s annual high-profile Future Minerals Forum next January. African mining will likely be the key winner of the Saudi push.