Saudi Arabia’s mining minister plans to visit Brazil and Chile
The world's leading oil exporter aims to bolster its global footprint in mining.
Dubai: Saudi Arabia's mining minister Bandar Al Khorayaf is scheduled to visit Brazil and Chile in the next two weeks, according to an announcement by the ministry.
The world's leading oil exporter aims to bolster its global footprint in mining.
During the Brazil visit, discussions will involve mining, food processing, and aviation. In Chile, the focus will centre on lithium, a crucial component for electric vehicle (EV) batteries.
In Brazil, Al Khorayaf's agenda includes meetings with agricultural and industrial entities such as Minerva Foods, JBS, BRF SA, alongside the Brazilian Mining Association (IBRAM) and mining giant Vale (VALE3.SA).
In Chile, Al Khorayaf plans to meet with his counterpart Aurora Williams, as well as representatives from mining firms Antofagasta and Codelco, the state-run enterprise tasked with expanding Chile's lithium sector.
Historically reliant on oil, Saudi Arabia views lithium as a strategic resource to diversify its economy and position itself as a hub for EV manufacturing. This diversification strategy includes expanding international mining operations to secure vital minerals such as copper, cobalt, nickel, and lithium.
To support these initiatives, Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), and the country's Mining Company (Ma'aden), in which PIF holds a 67 per cent stake, have formed a joint venture named Manara Minerals to invest in mining assets abroad.