Maaden to open office in Brazil, invest around $1.3B: Report

14/01/2025 Argaam
Logo of Saudi Arabian Mining Co. (Maaden)

Logo of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co. (Maaden) plans to open its first office in Sao Paulo, Brazil, Reuters reported, citing Brazilian Mining Minister Alexandre Silveira.

 

The initiative includes an estimated $1.31 billion (SAR 4.91 billion) to advance geological mapping in Brazil, Silveira told reporters in Riyadh today, Jan. 14.

 

"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," he said, emphasizing that mining, along with oil and gas, is critical to the global energy transition.

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