Riyadh – Sharikat Mubasher: The Saudi Arabian Mining Company 'Ma'aden', the mining arm of the Public Investment Fund (PIF) of Saudi Arabia, plans to open its first office in São Paulo, Brazilian Minister of Mining, Alexandre Silveira announced on Tuesday.
Silveira told reporters in Riyadh that the initiative includes an estimated investment of 8 billion Brazilian reais ($1.31 billion) for the development of geological mapping in Brazil, Reuters reported.
He added: "We need to know more about our subsoil...and partner with the Brazilian mining sector so that we can explore and take advantage of the subsoil in a sustainable, adequate way," emphasizing that mining, along with oil and gas, plays a crucial role in the global energy transition.
This investment aligns with Saudi Arabia's Vision 2030 strategy to diversify the kingdom's economy and leverage its expertise in mining and sustainable energy.
