Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield: Director of SGS

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield: Director of SGS
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Updated 19 January 2022

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield: Director of SGS

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield: Director of SGS

RIYADH: Saudi Arabia’s search of mineral resources is continuing in the Arabian shield in the west part of the Kingdom, where 3000 mineral occurrences have already been discovered.

The Arabian shield covers an area of 600,000 km2, which the Saudi Geological Survey, aims to survey for mineral occurrences, according to the senior director of the Survey and Exploration Centre at SGS.

Among the 2,361 metallic minerals discovered in the Arabian shield are copper and zinc, with more set to follow as per the SGS strategy.

“The total of minerals is about 5,535 mineral occurrences in Saudi Arabia,” Abdullah Nabhan told Arab News on the sidewalk of the Future Mineral Forum, FMF.


Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg
Updated 12 sec ago

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

RIYADH: Calb Co., a Chinese battery supplier for electric vehicle makers, has added more banks as it plans for its Hong Kong initial public offering that could raise as much as $1.5 billion, Bloomberg reported. 

It has selected Citigroup, Credit Suisse Group and JPMorgan Chase & Co. as joint global coordinators for its IPO, the report said citing people familiar with the matter. 

More banks can be picked for the deal as discussions are in progress, the people added. 

Calb’s $1.5 billion IPO could be one of Hong Kong’s biggest in 2022 upon its completion, according to data compiled by Bloomberg. 

Founded in 2007, Calb operates major production bases in China and is specialized in the development, production and sales of lithium batteries for electric vehicles. 

 


Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters
Updated 4 min 10 sec ago

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

RIYADH: Indonesia’s president is in talks with Tesla CEO Elon Musk regarding various investments in the country. Protestors in Suffolk disapprove the building of a nuclear power station, fearing disruptions across various sectors. Elsewhere, the UK chancellor is set to impose taxes on energy giants to shield consumers. Meanwhile, Saudi Aramco plans to create long-term shareholder value through highlighting the firm’s low upstream carbon intensity. Other firms such as the UK’s Foresight Group Holdings Ltd. and HydrogenOne Capital Growth Plc are acquiring stakes in a Germany-based hydrogen utility. Additionally, the ESG Niche is expected to jump 2,000 percent.

Looking at the bigger picture: 

·      Indonesia’s President Joko Widodo has met Tesla CEO Elon Musk to discuss potential investments in the Asian country’s nickel industry as well as the supply of batteries for electric vehicles, Reuters reported, citing the government.

This comes as Tesla representatives were visiting Indonesia last week to attend meetings regarding a battery-related investment, according to individuals familiar with the matter.

·      Hundreds of protestors gathered in Suffolk on Sunday to voice their objections regarding the construction of the Sizewell C nuclear power station, Bloomberg reported. 

Protesters are arguing that the building of the nuclear power station will cause complications in terms of transport, water supply, biodiversity, and coastal erosion.

·      The UK’s Chancellor of the Exchequer Rishi Sunak will soon impose windfall taxes on energy giants to cushion households from rallying costs of living, Bloomberg reported, citing shadow secretary of state for climate change and net zero Ed Miliband.

·      The Environmental, Social, and Governance Niche has been forecasted to grow by 2,000 percent as some of the UK’s most prominent fund managers jump into it with new funds and investment products, Bloomberg reported.

This comes as asset management firm Schroders and insurance firm Aviva among others aim to take advantage of and profit from the increasing demand for biodiversity-focused investment products.

Through a micro-lens: 

·      Saudi Arabian public petroleum and natural gas company Aramco is planning on creating long-term shareholder value by hammering on low upstream carbon intensity, low lifting costs, and integrated downstream business, Reuters reported, citing the firm’s CEO. 

·      UK-based capital market firms Foresight Group Holdings Ltd. and HydrogenOne Capital Growth Plc have acquired stakes in German hydrogen utility HH2E AG in addition to co-investing in energy projects, Bloomberg reported. 

This comes as the firms aim to help the new company develop green energy projects in Germany and prosper altogether.  


US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m
Updated 6 min 16 sec ago

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

RIYADH: Battery maker Dragonfly Energy Corp. is going public in a transaction with a blank-check company valuing it at $500 million, including its debts, Bloomberg reported quoting people familiar with the matter.

According to these people, who wished to stay anonymous, the agreement with Chardan NexTech Acquisition 2 Corp. is being financed through $128 million in the special purpose acquisition, along with $230 million in additional financing.

The sources added that the combined company will be called Dragonfly Energy, and will be listed on the Nasdaq exchange under the symbol DFLI.

Dragonfly, based in Reno, Nevada, makes lithium-ion storage batteries, which are non-toxic and replace lead-acid batteries, according to its website.

In 2021, the company generated $78 million in revenue.

Chardan inked this deal with Dragonfly Energy at a time when several top banks including Goldman Sachs and Bank of America have decided to stop helping SPACs to find companies to buy.
 


African central banks halt interest rates for two weeks to support recovery

African central banks halt interest rates for two weeks to support recovery
Updated 31 min 44 sec ago

African central banks halt interest rates for two weeks to support recovery

African central banks halt interest rates for two weeks to support recovery

RIYADH: Central banks in five of eight major African nations will most likely hold interest rates in the next two weeks, Bloomberg has reported. 

According to Tatonga Rusike, an economist at the Bank of America, countries like Kenya, Zambia and Angola where inflation is slowing or within target may leave interest rates unchanged to support the recovering economy. 

On the other hand, countries like South Africa that are more connected with the global markets through asset flows and commodity prices may most likely hike the interest rates, stated Rusike. 

Several factors, including the ongoing war between Russia and Ukraine and the rising COVID-19 cases in China, have clouded the outlook for Africa’s post-pandemic recovery. 

Now, African policymakers should also consider portfolio outflows and exchange-rate weakness in emerging markets as they work on interest rate decisions this month.


Aramco shares see second straight day of gains thanks to record Q1 profit

Aramco shares see second straight day of gains thanks to record Q1 profit
Updated 33 min 34 sec ago

Aramco shares see second straight day of gains thanks to record Q1 profit

Aramco shares see second straight day of gains thanks to record Q1 profit
  • Aramco has recently been in a race with Apple Inc. for the world’s top-valued firm spot

RIYADH: Shares in the world’s largest oil producer Saudi Aramco saw their second straight day of gains on Monday, rising 1.42 percent so far, a day after the giant posted record quarterly earnings.

Aramco’s profit was up 82 percent in the first quarter of 2022 to SR148 billion ($40 billion), beating analysts' forecasts with the highest quarterly profit since it joined the Saudi Exchange.

In response to the results, shares soared 4.2 percent last session and extended gains to SR42.95 as of 1:22 p.m. Saudi time, Monday 16 May .

Aramco has recently been in a race with Apple Inc. for the world’s top-valued firm spot.

With the tech major being pressured by rising inflation, strong oil prices drove state-owned Aramco to claim the top position globally in terms of market cap last week.