Saudi Arabia establishes a company to invest in mining assets

The Saudi Arabian Public Investment Fund (PIF) has signed an agreement with the state-owned mining company Ma'aden to establish a new company.

The company, which will own 51% of Ma'aden, aims to invest in mining assets worldwide to provide strategic raw materials, including iron ore, and strengthen the country's position as a link in the global supply chain.

As Ma'aden noted, the new initiative's strategy will be to invest in the iron ore, copper, nickel and lithium sectors by initially taking non-operating minority stock positions.

Also, China Mineral Resources Group (CMRG) may already become the world's largest buyer of iron ore by 2023. It is consolidating the purchases of 20 of China's largest steel producers, including China Baowu Steel Group.