Economy Algeria creates agency to promote non-oil exports Algeria is to create an export promotion agency to push non-oil international sales as the oil and gas producer faces plunging petroleum prices. Algerian President Abdelmadjid Tebboune revealed the plan during a meeting with national business leaders in the capital Algiers last week. Tebboune said the export promotion agency would be set up next month […] April 15, 2025
Mining Ma’aden seeks foreign partner for rare earth processing Saudi Arabia’s flagship mining company Ma’aden is considering choosing at least one of four foreign companies to form a rare earths processing partnership, three sources with knowledge of the matter said, as the kingdom bids to become a global critical minerals hub. Ma’aden is weighing a partnership with US-based MP Materials, China’s Shenghe Resources, Australia’s Lynas […] April 8, 2025
Mining Oman-backed Kazakh gold miner explores GCC funding Kazakh gold miner Solidcore is considering issuing bonds in the Gulf region to finance investment, including in new projects in Kazakhstan estimated to cost up to $350 million, the company’s CEO Vitaly Nesis told Reuters. Solidcore, formerly Polymetal International, is the second-largest gold miner in Kazakhstan. The company had to sell its Russian assets, which represented […] April 2, 2025
Analysis Mining Tech may find Saudi Arabia’s mineral wealth but mining will take years The rocky hills of western Saudi Arabia hide huge wealth, prospectors insist. The crags and crevices are part of the Arabian-Nubian Shield, an exposed Precambrian rock formation which runs from the west of the kingdom across the Red Sea to eastern Egypt and Sudan. The government estimates total mineral wealth at $2.5 trillion, more than […] April 1, 2025
Mining MDO expands Oman’s mining assets Minerals Development Oman (MDO) is moving ahead with mining projects to exploit the sultanate’s reserves of titanium, copper, chromite and dolomite, according to the state-owned company’s annual report. Nearly 30 percent of engineering work has been completed at the Mazoon Copper project, which was launched last year, the company said in the 2024 report. Tenders […] March 31, 2025
Trade Gold hits record high over trade war fears Gold prices scaled a record peak on Friday as concerns over US President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal. Spot gold climbed 0.6 percent to $3,073.79 an ounce, as of 02:30 GMT, after hitting an all-time high of $3,077.44 earlier in […] March 28, 2025
Mining Gulf investors in talks to buy stake in US copper project Middle East investors are in talks with HudBay Minerals to buy a stake of as much as 30 percent in the Canadian company’s US copper project, a news report said. The stake sale in HudBay Mineral’s flagship Copper World project in Arizona has drawn interest from investors in Saudi Arabia, the UAE and Japan, Bloomberg […] March 21, 2025
Mining Saudi Arabia grants licences for first mineral sites Saudi Arabia has awarded the first exploration licences for mineralised belts at Jabal Sayid, northeast of Jeddah, and Al-Hijar in the south of the kingdom. The two sites, covering a total of 4,788 sq km, will speed up the exploration of mineral resources with an estimated worth of SAR9 trillion ($2.4 trillion), the ministry said […] March 19, 2025
Mining Ma’aden to invest billions after profit surge The Saudi state mining company Ma’aden is looking to invest between SAR8.6 billion and SAR10.6 billion ($2.3 billion to $2.8 billion) this year as profits bounce back after a three-year low. It announced an 82 percent year-on-year increase in profits for 2024 to reach SAR2.87 billion, according to a disclosure made to the Saudi Stock […] March 7, 2025
Mining Saudi Arabia turns to recycling to enhance mineral recovery As part of its push to make mineral mining a pillar of its otherwise hydrocarbon-dominated economy, Saudi Arabia is investigating how to increase extraction by recycling mining waste. This is providing a valuable opportunity for local startups and US technology companies. Since the start of the year, several startups in the critical minerals and rare […] February 28, 2025
Mining UAE’s Ambrosia pays $500m to Allied Gold for Mali mine UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its […] February 26, 2025
Mining Ma’aden aims to be world’s most valuable mining company Saudi Arabia’s majority state-owned Ma’aden aims to grow ten-fold by 2040 to become the world’s most valuable mining company by market capitalisation, its CEO said. The country is accelerating development of its copper and other mineral resources, estimated to be worth as much as $2.5 trillion. “I can tell you, the minerals are here,” Ma’aden […] February 12, 2025
Analysis Industry Gulf aluminium supplies to US to continue despite tariffs Short-term supplies of aluminium from the Gulf to the US are set to continue despite new tariffs planned by President Trump, according to experts. The new US president announced tariffs of 25 percent on all supplies of aluminium into the US on Sunday. In 2024 the Gulf made up over 16 percent of US aluminium […] February 11, 2025
Banking & Finance Ma’aden’s $1bn sukuk nine times over-subscribed Saudi state-owned mining company Ma’aden has sold $1.25 billion of dollar-denominated sukuk to help finance a $12 billion expansion plan. The sale was more than nine times oversubscribed, the company said. The sale, which closed on Sunday, “marks a key milestone in Ma’aden’s ambitious 2040 strategy to secure essential minerals and transform mining into the […] February 10, 2025
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […] February 6, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Mining UK mining company unearths copper deposits in Oman Major copper deposits in the Al Batinah region of Oman have been uncovered by a UK mining company, Power Metal Resources. The discovery was made in Block 8, about 130km from Muscat. Power Metal Resources acquired the exploration rights for the area from the government of Oman two years ago and started work on it […] February 3, 2025
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […] February 3, 2025
Mining ADQ joins Orion in $1.2bn metals joint venture The third-largest of Abu Dhabi’s sovereign wealth funds, ADQ, is setting up a $1.2 billion joint venture with the US investment company Orion Resource Partners to invest in the metals and mining sector. The 50-50 joint venture will be based in Abu Dhabi and will target long-term agreements to source essential metals and minerals, including […] January 30, 2025
Analysis Trade Trump’s bravado fails to spook minerals market – so far Ordinarily, commodity markets tend to react strongly when leaders of major global economies announce plans for war and conquest. If those plans involve disrupting one of the world’s most important sea lanes and reversing centuries of peace with two major allies, you might even expect a certain panic. Yet, when US President-elect Donald Trump declined […] January 21, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […] January 16, 2025
