Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry
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Updated 10 January 2022

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

DUBAI: The inaugural Future Minerals Forum in Riyadh will mark the beginning of a new era for Saudi Arabia’s mining industry.

Key mining players across the globe are taking part in the event, which is hosted by the Saudi Ministry of Industry and Mineral Resources.

The ministry said that the event promotes three themes: Mining’s contribution to society, reimagining mining, and investing in new and emerging mining regions.

It comes as part of Saudi Vision 2030’s goal to diversify the economy.

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The Kingdom has identified mining as a key sector of the future, with an untapped potential of $1.3 trillion, according to recent data.

Saudi authorities have launched one of the world’s largest geophysical and geochemical surveys, on top of other reforms to fully take advantage of the growing industry.

Organizers are optimistic that miners and global investors will see the opportunities that the emerging region presents.

According to an event briefing document, the Middle East, West and Central Asia, and Africa “represent a blank canvas on which to develop modern mining industries.”

The ministry hopes that the Riyadh forum will kick-start a global conversation about the future of the industry, with minerals expected to play a crucial role in a global energy transition.

The future global economy is characterized by low-carbon technologies including electric vehicles, solar panels and wind turbines, organizers said, adding that these innovations are “powered by mined materials such as copper, zinc, tin, tungsten and lithium.”

More than 2,000 participants are expected to attend the three-day event at the King Abdulaziz International Conference Center.

More than 150 international investors will also attend, along with thought leaders and global speakers who will take part in speaking sessions.

Among the mining leaders and industry experts who have confirmed their attendance to the conference are Canada’s Mark Bristow of Barrick Gold Corporation, Robert Friedland of Ivahone Mines, Anil Agarwal of UK-based Vedanta Resources, Jeffrey Dawes of US-based Komatsu Mining Corporation and Roy Harvey of US aluminum producer Alcoa.

Major Saudi figures are also taking part in the event: Abdulaziz Al-Harbi, CEO of Ma’aden; Yousef Al-Benyan, CEO of SABIC; and NEOM chief Nadhmi Al-Nasr.

A key part of the event is showcasing investment opportunities, drawing major investors and sovereign fund leaders, including officials from Resource Capital Funds, Pacific Road Capital, Rousseau Asset Management, EMR Capital and Sprott.

The forum will discuss the “establishment or transformation of a new, modern and responsible future minerals industry in the Middle East, West and Central Asia, and Africa.”

Attendees will experience an in-depth look at the resource endowment of these regions as well as better understand legal and regulatory frameworks, the organizers said.

Another key theme of the summit is the application of environment, social, and governance principles in the industry. One session will discuss “building a sustainable mining future.”

A brochure said that the event will mark “growing societal expectations for a mining industry that protects the environment, contributes to community development and behaves ethically.”

The Kingdom is optimistic about the potential role of mining in its ambitious diversification strategy, and aims to “emerge as a major new player in global mining.”

 


Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 
Updated 11 sec ago

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

RIYADH: Saudi Reinsurance Co. has received the necessary approval from the Kingdom’s central bank to increase its capital to SR1.34 billion ($356 million), it said in a bourse filing.

Saudi Re, as the company is known, is looking to boost its capital, which currently stands at SR891 million, in a bid to support future expansion activities and strengthen its capital base.

The process will be carried out by offering a rights issue valued at nearly SR445 million, which will increase the company’s shares from 89.1 million to 134 million.

Saudi Re is among the first companies in Saudi Arabia to offer both life and non-life reinsurance products.


Here’s what you need to know as Tadawul wraps up the trading week

Here’s what you need to know as Tadawul wraps up the trading week
Updated 16 min 24 sec ago

Here’s what you need to know as Tadawul wraps up the trading week

Here’s what you need to know as Tadawul wraps up the trading week

RIYADH: Saudi Arabia’s main stock market notched its second day of gains on Wednesday, after listed companies concluded a strong earnings season.

TASI surged 2.3 percent to close at 12,588, whereas the parallel market Nomu slipped 1 percent to 22,020.

TASI led the gains in the Gulf, followed by Abu Dhabi’s stock market with a 0.9 percent gain and Kuwait’s BKP, up 0.6 percent.

Stock exchanges of Qatar and Bahrain edged 0.1 percent lower, while those of Dubai and Oman ended almost flat.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 dropped 1.6 percent.

Oil prices rose on Thursday, with Brent crude trading at $114.29 a barrel and US West Texas Intermediate reaching $110.69 a barrel as of 9:14 a.m. Saudi time.

Stock news

Saudi Reinsurance Co. obtained approval from the Saudi central bank to raise capital from SR891 million ($238 million) to SR1.34 billion

Maharah Human Resources’ unit Growth Avenue Investment Co. closed a deal to acquire 40 percent of the shares in Salis for Trading & Marketing

Naqi Water Co. got the Capital Market Authority’s approval for an initial public offering of a 30 percent stake on the Saudi Exchange

Saudia Dairy and Foodstuff Co.’s board recommended a dividend payout of SR3 per share for the second half of the fiscal year ended March 31, 2022

Academy of Learning Co. and Keir International Co. received the CMA’s approval for direct listing on the parallel Nomu market

Batic Real Estate Co., a unit of Batic Investments and Logistics Co., obtained a loan valued at SR200 million to finance potential investments

Ataa Educational Co. got CMA’s nod to increase capital to SR421 million in order to fully acquire Naba’a Educational Co.’s shares

Salama Cooperative Insurance Co. submitted a filing to the CMA, seeking to reduce capital by 60 percent to SR100 million

Calendar

May 26, 2022

National Environmental Recycling Co., better known as Tadweeer, will start trading on the parallel market Nomu

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

May 31, 2022

End of Retal Urban Development Co.’s IPO book-building

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription 


Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis
Updated 24 min 27 sec ago

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., has finalized a deal to acquire 40 percent of the shares in Salis for Trading & Marketing.

Riyadh-based digital marketing firm Salis owns Soror application, which is an on-demand home services application.

The two parties completed the due diligence process and signed a sales and purchase agreement, Maharah said in a bourse filing without disclosing the value of the transaction.

Subject to approval by Saudi Arabia’s General Authority for Competition, the deal comes as GAC is expanding its reach through a number of acquisitions.

Most recently, it signed an agreement to buy a 40 percent stake in Saudi Medical Systems Co., after taking a majority stake of 85 percent in Alshifa Al Arabia Medical Co. last year.


Oil Updates — Crude firms on tight supply; US Oil investors back energy transition plans; Leuna reducing Russian crude intake

Oil Updates — Crude firms on tight supply; US Oil investors back energy transition plans; Leuna reducing Russian crude intake
Updated 56 min 15 sec ago

Oil Updates — Crude firms on tight supply; US Oil investors back energy transition plans; Leuna reducing Russian crude intake

Oil Updates — Crude firms on tight supply; US Oil investors back energy transition plans; Leuna reducing Russian crude intake

RIYADH: Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the EU wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.

Brent crude futures for July settlement gained 40 cents, or 0.35 percent, to $114.43 a barrel at 0412 GMT.

US West Texas Intermediate crude futures for July delivery climbed 55 cents, or 0.5 percent, to $110.88 a barrel.

US Oil investors back energy transition plans at shareholder meetings

Shareholders of Exxon Mobil Corp. and Chevron Corp. on Wednesday voted in favor of the energy transition strategies proposed by the two largest US oil producers, following similar support of European oil firms’ climate plans.

Major oil producers this year flipped the script and won over investors with recent steps to minimize carbon emissions and as worries over energy security and fuel prices overshadowed environmental concerns at this year’s meetings.

Thirty three percent of Chevron shareholders and 28 percent of Exxon’s voted in favor of climate proposals filed by activist group Follow This at their annual shareholder meetings on Wednesday.

Chevron holders voted against a proposal for more stringent action on addressing emissions from consumers burning its fuels, known as scope 3.

At Exxon, results marked a major shift from a year-ago when activist investors secured three seats on its board, a governance landmark. 

The company has since allocated $2.5 billion per year for projects to minimize its emissions.

“One third is a shareholder rebellion,” said Follow This founder Mark van Baal, referring to the Chevron vote. 

“Together with these investors, we have to convince the other investors to vote in favor of Paris alignment as well.” 

Total’s German Leuna refinery reducing Russian crude intake

French oil major TotalEnergies’ Leuna refinery in eastern Germany is reducing its intake of Russian crude oil via the Druzhba pipeline as it has started working on a supply solution via the Polish port of Gdansk, CEO Patrick Pouyanne told shareholders in Paris on Wednesday.

Druzhba feeds not just Leuna but also the PCK Schwedt refinery, majority-owned by Russia’s Rosneft.

Poyanne said Russian oil use in May had fallen to filling 555,000 tons of refinery capacity at the plant, down from 900,000 tons last October, and 800,000 tons in February.

“In December 2022, we will have 450,0000 tons left from the contracts that we have to honor — unless sanctions are taken in the meantime — and it will be zero from 2023 onwards,” said Poyanne.

(With input from Reuters) 


Ataa Educational to increase capital to $112m for acquiring Naba'a

Ataa Educational to increase capital to $112m for acquiring Naba'a
Updated 26 May 2022

Ataa Educational to increase capital to $112m for acquiring Naba'a

Ataa Educational to increase capital to $112m for acquiring Naba'a

RIYADH: Saudi Ataa Educational Co. has received approval from the Capital Market Authority to increase its capital to SR420 million ($112 million) for the acquisition of Naba'a Educational Co.

The company will issue more than 2 million ordinary shares to acquire Naba'a through its fully-owned subsidiary, Arabian Educational and Training Group, according to a bourse filing.

The Riyadh-based educational company provides educational services for students inside the Kingdom.