Saudi Arabia Aims to Become Mining Powerhouse with New Investments

Saudi Arabia has secured a $6 billion investment for a steel plate mill complex and an electric vehicle (EV) battery metals plant as part of its plans to attract $32 billion of investment into its mining industry.

Saudi Arabia’s Ministry of Industry and Mineral Resources has stated that the kingdom was targeting to fund nine mining projects for midstream minerals and metals.

The country has been looking to diversify its economy away from oil with a hundreds of billions of dollars worth plan it calls “Vision 2030”. Mining has been one of the industries targeted for expansion.

The nine projects announced by the ministry include a $4 billion steel plate mill complex for shipbuilding, oil and gas, construction and defense industries and a “green” flat steel complex that will supply automotive, food packaging, machinery and equipment, and other industrial sectors. Both projects are already underway, as well as a $2 billion EV battery metals plant.

The government of Saudi Arabia last month signed an agreement to buy between 50,000 and 100,000 EVs over 10 years from Lucid Group, in which the state sovereign fund owns a majority stake.

The ministry statement added that those targeted investments represent an important ‘down payment’ in the kingdom’s efforts to move beyond exploration and extraction and into the creation of integrated value chains.

The kingdom hopes those investments will position Saudi Arabia as a mining production and logistics hub while supporting the transformation of the mining industry so it can achieve its potential.

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