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Forget China -- The hot money in mining is suddenly Saudi
By Thomas Biesheuvel and Jacob Lorinc
Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, July 31, 2023
A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player.
The agreement with Vale SA gives the kingdom a 10% slice in one of the world's crucial suppliers of nickel and copper -- essential metals needed to decarbonize. The kingdom also held other talks, including with Barrick Gold Corp. about investing in a big Pakistan copper mine, according to people familiar with the matter.
Speaking privately, executives at top miners said the value of Thursday's deal made clear that the Saudis are ready to splash cash around.
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The move comes as the question of who controls the commodities needed to both sustain and decarbonize the world's economies has turned into a global flashpoint, jumping to the top of agendas in the United States and Europe.
China has for years been the dominant buyer and a key source of funding, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to look elsewhere.
Saudi Arabia is seeking to take minority stakes in global mining assets that will over time help provide access to supplies of strategic minerals. The country also is looking to build a metals-processing industry that could in turn make it more attractive for international miners to exploit its mineral deposits -- a central pillar of Saudi efforts to diversify the economy away from oil. ...
... For the remainder of the report:
https://finance.yahoo.com/news/mining-world-turns-saudi-cash-115310206.html
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