GoldWorldWide @GoldWorldWide: "Saudi Arabia’s crown prince looks..."

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Saudi Arabia’s crown prince looks to metals as new source of wealth. 👉 Saudi Arabia’s Crown Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in the country’s desert. 👉 The plan may be among the less glamorous components of his grand Vision 2030 to transform the Saudi economy. The prospect of turning the country into a metals hub that can make a dent in a global industry also has no shortage of skeptics. But Saudi Arabia’s 38-year-old de-facto leader has no shortage of wealth or ambition. Key will be convincing international mining companies it’s worth their while. 👉 If only partially successful, the dream would have implications beyond the Middle East, not just for metals mining but also Saudi Arabia’s relations with the US, China and the emerging markets the kingdom is inching closer to. 👉 As well as developing local mines, there’s also another element to the plan that industry insiders say is less speculative and quicker to get up and running. Saudi Arabia wants to buy up resources from elsewhere to be refined and processed at new facilities inside the kingdom. 👉 In July, the country announced its first big push into international mining. It took part in a $3.4 billion deal in Brazil, buying a stake in $VALE (Vale SA-ADR) ’s base metals unit alongside investment fund Engine No. 1. 👉 The transaction was the first by Manara Minerals, a vehicle established by Saudi Arabia’s powerful sovereign wealth fund — the Public Investment Fund, or PIF — and Saudi Mining Co., also known as Maaden. The agreement gives the kingdom, which beat off competition from Japan and Qatar, a 10% slice in one of the world’s crucial suppliers of nickel and copper — essential metals needed to decarbonize. 👉 Using government subsidies and lending by state-controlled funds, the overarching goal is to position Saudi Arabia as an alternative supplier to China for the metals and minerals vital to the global energy transition, such as batteries for electric cars.minerals.” Read more ❓ www.mining.com/web/saudi-arabias-crown-prince-looks-to-metals-as-new-source-of-wealth/ ✨ eToro’s @GoldWorldWide Smart Portfolio offers investors exposure to some of the world’s largest companies active in the mining and production of gold, as well as related ETFs based on the gold industry. The minimum investment amount for the @GoldWorldWide Smart Portfolio is $500. Smart Portfolios is a product that may include CFDs. 74% of retail investor accounts lose money when trading CFDs with this provider. Past performance is not an indication of future results.

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