The Clap
Ma’aden signed agreements to establish 4 companies for exploration and investment in mineral assets.
What
- Ma’aden signed a joint venture agreement with the Public Investment Fund (PIF) to establish a company that aims to invest in mining assets internationally.
- Ma’aden signed a partnership agreement with Barrick Gold Company to establish a company to accelerate the resource exploration process in line with the business strategy in the Umm Al-Dummar region.
- Ma’aden signed a partnership agreement with Barrick Gold (Singapore) to establish an exploration company south of Jebel Sayid.
- A company will be established in Saudi Arabia 50% owned by “Ma’aden” and 50% owned by “Ivanhoe” for the exploration and development of mining projects in KSA.
So What
The CEO of Ma’aden said that Saudi Arabia is on the path of transformation and that the mining sector represents the third pillar of the Kingdom’s economy.
