Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and Vice Minister for Mining Affairs, Khalid Saleh Al-Mudaifer have planned to visit Brazil and Chile as a part of major economic mission.
The kingdom aims to bolster the bilateral ties to attract investment into Saudi, with a main focus on mineral and industrial sectors. This visit comes in line with achieving the goals of Saudi Vision 2030, to uplift Saudi’s position into a leading power in both economic and industrial sector.
From July 22-30, the ministry’s delegation will visit major cities of Brazil and Chile, and engage in high-level meetings with senior officials from both countries. In addition to meeting officials from various ministries of these two countries, the kingdom will also meet leading global companies in mining, aviation, food processing and other industrial sectors.
In Brazil, the meetings will include the Brazilian Mining Association (IBRAM), Vale, Minerva Foods, JBS and BRF SFA, a major global producer of fresh and frozen protein foods, among other significant trade and industrial entities.
In Chile, Alkhorayef will meet counterpart the Minister of Mining, and key leaders from the Federation of Chilean Industry (SOFOFA), mining giants Codelco, Antofagasta, and other ministries and companies.
Brazil and Chile are known for their vast mineral resources. The bilateral relationship between Saudi and Brazil span over 50 years. Their connections are largely based on minerals, agricultural products, fertilizers and energy products. Brazil’s diverse economy offers many opportunities to strengthen business relations.
Saudi Arabia already has several FDI portfolios in Brazil. Manara Minerals recently acquired a 10 percent stake in Vale Base Metals through a joint venture between the Public Investment Fund (PIF) and Ma’aden.
On the other hand, Chile is the world’s second largest producer of lithium. Lithium is a crucial mineral in the production of electric vehicles (EV), which aligns with Saudi Arabia’s goal of increasing EVs. This visit offers an opportunity for both countries to exchange knowledge and technical expertise in the fields of wind and solar energy.
Saudi Arabia’s geological diversity is a significant factor in its appeal to investors. The kingdom provides 80 years of accessible geological data for investment decision. The Mining Investment Law of 2019 has made Saudi Arabia an appealing global player. According to Mining Journal World Risk Report 2023, Saudi is one of the top performing mining regions globally and regionally.
In April 2024, the Ministry launched the Exploration Enablement Program (EEP), allocating $182 million to de-risk research investment. The purpose of this initiative is to boost the exploration of Greenfield, identify new mineral potential, expand local capacity and to advance the main goals of the kingdom’s mineral industry.
Saudi Arabia’s visit to Brazil and Chile is expected to conclude with signing of crucial agreements that will bolster bilateral for mutual growth, particularly in mining and industrial sectors.
