Maaden, SIRC ink MoU to enhance environmental stability

Saudi Arabian Mining Co. (Maaden) signed a memorandum of understanding (MoU) with Saudi Investment Recycling Co. (SIRC) to discuss the opportunities available in the former's projects and business sites, to capitalize on the areas of recycling and enhancing environmental stability.

The agreement was signed on the sidelines of the Future Minerals Forum, held in Riyadh, from Jan. 11-13.

The move aims to achieve strategic cooperation between the two parties to conduct feasibility studies and develop the environmentally-friendly initiatives to enhance sustainability, in line with the Kingdom's goal to reach net-zero emissions by 2060 through the circular carbon economy (CCE) approach.

Abdulaziz Al Harbi, CEO of Maaden, said the company seeks to confirm its commitment to all aspects of sustainability as well as environmental and social governance in the various business locations to achieve the objectives of its 2040 Strategy, through which the firm seeks to strengthen its leadership in the local mining industry.

Ziyad Al-Shiha, CEO of SIRC, said the MoU comes as part of the company's efforts to invest in the development of technologies for treating mining waste to ensure the achievement of a sustainable future that focus on environment, energy, and climate.

Maaden, with its global and local partnerships, became a leading national mining company, the third pillar of national industries, the largest multi-product mining company in the Middle East, and one of the 15 largest mining companies in the world.

The company contributes to strengthening Saudi Arabia's position as one of the three largest producers and exporters of phosphate fertilizers in the world.