Saudi Arabia is investing heavily in its industrial future, signing 126 agreements worth $28.5 billion at the Future Minerals Forum. Deals include plans for new steel mills, copper smelting facilities, and lithium exploration ventures, signaling a shift away from the country's traditional reliance on oil.
A significant number of agreements for steel and iron ore were finalized at the Future Minerals Forum in Riyadh as the Saudi government pursues raw materials to fuel its ambitious industrial growth plans. The conference, attended by Mining Journal, witnessed the signing of 126 agreements and memorandums of understanding valued at 107 billion Saudi riyals (US$28.5 billion).
These deals encompass a range of irons and steel ventures spearheaded by the Royal Commission for Jubail and Yanbu (RCJY), a government entity responsible for overseeing industrial development in cities across eastern Saudi Arabia. Historically, the region has been heavily reliant on the petroleum sector, but the RCJY is actively diversifying its portfolio.Among the memoranda of understanding signed by the RCJY is a collaboration with Tosyali Arabia to establish a fully integrated flat steel production facility in Ras Al-Khair Industrial City. The RCJY also entered into an agreement with Vale to produce iron ore briquettes in Ras Al-Khair. Furthermore, the RCJY signed a memorandum of understanding with Vedanta to develop a copper smelter and refinery with an annual production capacity of 400,000 tons, alongside a copper rod manufacturing plant with a capacity of 300,000 tons per annum, both located in Ras Al-Khair.In a separate development, Hadeed, another major Saudi steel producer, announced the full acquisition of Rajhi Steel, accompanied by a 25 billion riyal investment plan. Meanwhile, Chinese steel giant Baosteel unveiled plans to construct its inaugural fully integrated steel plant outside of China in partnership with energy company Aramco and the Saudi Public Investment Fund. Additional memoranda of understanding included an agreement between Saudi Arabia's National Company for Industry and Mines and Shanghai Donghexin New Materials to advance the nation's advanced materials industry. Finally, state-owned Aramco and miner Ma'aden agreed to form a joint venture to explore critical minerals, including lithium brines
STEEL INDUSTRY IRON ORE SAUDI ARABIA INDUSTRIAL DEVELOPMENT FUTURE MINERALS FORUM
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