Saudi Arabia will establish a firm to invest in mining assets internationally, according to reports.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) and state miner Ma’aden signed a pact to form a company that will be funded with as much as 11.95 billion riyals ($3.2 billion), according to a statement on Wednesday.
The new firm will invest in iron ore, copper, nickel and lithium, as a non-operating partner with minority equity positions. It will also try to sign supply agreements with the companies and mines it invests in, Bloomberg reports.
The deal comes as the Kingdom hosts the Future Minerals Forum 2023 in Riyadh.
According to Bloomberg, Maaden will own 51%, while the $620 billion Public Investment Fund will hold the rest. The PIF is Maaden’s biggest shareholder, with a 67% stake.
