The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
30 minutes ago....Saudi industry minister conducts meetings with Chinese mining companies.
RIYADH: In a bid to strengthen economic ties between Saudi Arabia and China, the Kingdom’s minister of industry and mineral resources held bilateral discussions with leading mining companies during a visit to Shanghai.
During his meeting, Bandar Alkhorayef consulted with the chairman of CMOC Group, Yuan Honglin, to explore potential opportunities within the natural resources sector. The assembly touched on the utilization of accumulated experience in mining and processing, including smelting and refining of both essential and rare metals, according to the Saudi Press Agency.
Alkhorayef also spoke on different topics related to the iron and steel industry with Wang Ming, a senior figure from Baosteel.
Furthermore, the minister conducted a series of talks in the Chinese city, during which he met with the chairmen of Kingfa, CATL, Liaoning Fangda Group, and China Gas.
In addition to discussing areas of cooperation, these conversations focused on enhancing industry and mining collaboration, exchanging experiences between private sector organizations, and opinions on how the sectors in both countries are developing.
https://www.arabnews.com/node/2380086/business-economy
Cont from below.
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For his part, the CEO of the Saudi Export Development Authority, Engineer Abdul Rahman Al-Thukair, confirmed that participation in the exhibition stems from the role of “Saudi Exports” in enhancing the status of national goods and services, and facilitating their access to global markets, in a way that contributes to achieving the Kingdom’s Vision 2030 in enhancing the Kingdom’s exports and raising The percentage of Saudi non-oil exports is 50% of the non-oil gross domestic product, indicating that the Kingdom, through its participation in the exhibition, emphasizes the importance of strengthening trade and economic cooperation between the two countries, noting that the non-oil trade balance between the Kingdom and China for the year 2022 amounted to 110 billion Saudi riyals, with Saudi exports to China worth 37 billion riyals, and imports from China estimated at 147 billion riyals, while Saudi non-oil exports to China during the past five years (2018-2022) amounted to 177.6 billion Saudi riyals.
In its sixth edition, the exhibition will witness the signing of a number of agreements and memorandums of understanding, and will provide promising investment opportunities and strategic partnerships in various fields between the Saudi and Chinese sides. These efforts are expected to result in more prosperity and growth for national companies, enhancing their contribution to the non-oil domestic product.
It is noteworthy that His Excellency the Minister of Industry and Mineral Resources began an official visit to the People’s Republic of China, which will last 8 days. With the aim of strengthening the economic partnership between the Kingdom and China in the industrial and mining sectors, in addition to reviewing the qualitative investment opportunities between the two countries, and highlighting the Kingdom’s initiatives to advance these two strategic sectors.
Today, the Saudi delegation includes a number of government agencies, most notably the Ministry of Industry and Mineral Resources, the Ministry of Foreign Affairs, the Ministry of Investment, the Ministry of Energy, the Ministry of Transport and Logistics Services, the Ministry of Environment, Water and Agriculture, the National Industry Development and Logistics Services Program, the Saudi Export Development Authority, and the General Authority for Standardization. And standards and quality, the Industrial Estates and Technology Zones Authority, the National Center for Industrial Development, the Saudi Export and Import Bank, and the Riyadh Chamber, in addition to more than 18 Saudi companies among the members of the “Made in Saudi Arabia” program.
// End //
Riyadh, Rabi’ al-Awwal 06, 1445 AH, corresponding to September 21, 2023 AD, SPA
His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, heads the Kingdom’s participating delegation, in its capacity as a guest of honor for the China and Arab States Exhibition in its sixth session, among the 29 countries participating in the exhibition, which is held during the period from September 21 - 24 in the Chinese city of Yinchuan.
The Saudi Export Development Authority is organizing the Saudi pavilion participating in the exhibition this year, which includes 8 government agencies and 18 leading national companies from the food, building materials, services, transportation, and logistics sectors. This is with the aim of strengthening trade and economic cooperation between the two countries, and opening new export channels for Saudi companies in the Chinese market, and to complement the role through which “Saudi Exports” seeks to promote Saudi products and services, and increase their market shares in global markets, especially in the promising Chinese market, including It enhances its contribution to the non-oil domestic product.
His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, explained that the China and Arab countries exhibition comes as an extension of the strong relations and economic and trade ties between
Arab countries and the People's Republic of China, stressing that choosing the Kingdom as a guest of honor for this edition of the conference reflects the depth and strength of relations between the two countries, and represents a strong base for building many partnerships in the economic and commercial aspects.
His Excellency Al Khareef stressed that the growth achieved by China in recent years, especially with regard to the uses of technology, the Fourth Industrial Revolution, artificial intelligence, and 3D printing, are areas that we believe are of importance and priority to benefit from in the Kingdom and the Arab countries, as the Kingdom is the trading partner. The first among the Arab countries is with the People’s Republic of China, which is a fundamental and important partner in achieving sustainable development in the Kingdom, especially in the industrial and mining sectors.
For his part, ..cont
....maybe he will ask MBS, "Where do you intend obtaining a guaranteed supply of iron ore from for all your green steel plans"
https://www.arabnews.com/node/2377376/saudi-arabia
as usual... alwayshoping....but not holding my breath.
https://www.arabnews.com/node/2377376/saudi-arabia
BUT showing as a SELL
As usual...alwayshoping
BUT showing as a SELL
As usual...alwayshoping
New Delhi, Safar 25, 1445 AH, corresponding to September 10, 2023 AD, SPA -
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister and head of the Kingdom’s delegation participating in the G20 leaders’ summit in New Delhi, Republic of India, met today, His Excellency the President. Luiz Inacio Lula da Silva, President of the Federal Republic of Brazil.
During the meeting, cooperation relations between the Kingdom and Brazil were reviewed, and ways to develop and strengthen them in all fields.
The meeting was attended by His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, His Highness Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, His Excellency the Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, and the official delegation of the President of the Federal Republic of Brazil.
As usual..alwayshoping
Https://www.btimesonline.com/articles/160284/20230902/saudi-aramco-eyes-record-50-billion-share-sale-amid-slumping-diamond-demand.htm
"For a long time, the Saudi Crown Prince has expressed interest in selling a significant portion of the oil giant, aiming to monetize Saudi's vast oil assets. The proceeds would be invested in non-oil sectors, furthering Saudi's economic transformation and reducing its reliance on oil."
Well, if the Saudis have Zanaga on their shopping list at a cost of anything between 2 -10 billion dollars,I suppose they will have to top the kitty up a bit more.
As usual...alwayshoping.
MM..probably because, why buy a minority stake in someone elses mine(s) ie Vale,when they can buy most of what they need for the next 30 years from a deposit of their own, maybe Zanaga?
As usual....alwayshoping.
Https://im-mining.com/2023/09/01/vale-gears-up-for-low-carbon-iron-ore-briquette-production-in-brazil/
" The company expects to expand its production capacity to 100 Mt/y of briquettes and pellets after 2030."
From elsewhere.."“The ultimate goal is to attract the best Chinese companies for investment and foster stronger partnerships between the two nations,” SPA said."
As we all know "every little helps"
August 17, 2023
12:15
Saudi Arabia, China ink $1.33bn worth of cooperation deals
RIYADH: Riyadh and Beijing have inked a dozen cooperation agreements worth over $1.33 billion on the sidelines of the Saudi-Chinese Business Forum, bolstering collaboration in key sectors such as infrastructure, financing and housing.
The developments at the event, being held in Beijing, signifies the deepening ties between the two countries, paving the way for enhanced growth and shared progress, Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said in a tweet.
These partnerships are set to foster advancements in key areas, signaling a promising trajectory for the mutual growth of the Kingdom and China, according to the Saudi Press Agency. https://www.arabnews.com/node/2356681/business-economy.
As usual...alwayshoping
"as local and international investment opportunities are assessed", AND "as we undertake a major transformation program to strengthen the business and meet our long-term growth targets."
https://www.maaden.com.sa/en/news/details/582
Ma’aden Announces Assignment of Investment Grade Credit Ratings from Moody’s and Fitch
Aug 08, 2023
Saudi Arabian Mining Company (“Ma’aden”, 1211 on the Saudi Exchange), announces inaugural credit ratings and outlook assignments from Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”).
Moody’s assigned Ma’aden a Long-Term Issuer Rating of Baa1 with a ‘Stable’ outlook and Fitch assigned a Long-Term Issuer Default Rating of BBB+ with a ‘Stable’ outlook.
The investment grade ratings reflect Ma’aden’s diversified multi-commodity business model with global leadership in phosphate production, the Middle East’s largest integrated aluminium value chain, and a scalable Base Metals and New Minerals business.
The ratings affirm Ma’aden’s sustainable, leading low-cost base and robust financial profile, as local and international investment opportunities are assessed. The actions also follow recent credit rating upgrades for Saudi Arabia, in line with the positive momentum generated by significant reforms driving the Kingdom’s Vision 2030.
Robert Wilt, CEO of Ma’aden said: “These investment grade ratings come as we undertake a major transformation program to strengthen the business and meet our long-term growth targets. This further underlines Ma’aden’s strong financial position, boosting investor confidence and cementing our access to global capital markets. More importantly, the ratings underscore our unwavering commitment to deliver on the Kingdom’s Vision 2030 to establish mining as the third pillar of the economy.”
HSBC acted as sole Ratings Advisor to Ma’aden.
Depressing days lately as we remember what our shareholdings were worth (on paper) a few weeks ago.
Nothing that we do not know in todays article, but just remember this , and hope Zanaga is THE one. I like the words "initially" and "iron ore"
"Manara Minerals is a new venture between Ma'aden and PIF, established to invest in mining assets globally and support the development of resilient global supply chains. The company aims initially to invest in iron ore, copper, nickel and lithium.
And then this direct from the MM website....(thats Manara Minerals by the way..not MinorMiner !!)....."We have access to the resources that will accelerate the development of world class mining assets."
As usual alwayshoping.
Depressing days lately as we remember what our shareholdings were worth (on paper) a few weeks ago.
Nothing that we do not know in todays article, but just remember this , and hope Zanaga is THE one. I like the words "initially" and "iron ore"
"Manara Minerals is a new venture between Ma'aden and PIF, established to invest in mining assets globally and support the development of resilient global supply chains. The company aims initially to invest in iron ore, copper, nickel and lithium.
And then this direct from the MM website....(thats Manara Minerals by the way..not MinorMiner !!)....."We have access to the resources that will accelerate the development of world class mining assets."
As usual alwayshoping.
https://www.blglobal.co.uk/BusinessNews.aspx?id=appleby-jersey-advises-manara-minerals-on-vale-base-metals-buy
Jiving...definitely....and hopefully in Vales case...3rd time lucky in Africa.
As usual...alwayshoping.