126 agreements, MoUs worth SAR 107B signed at FMF

Signing ceremony

The fourth edition of the Future Minerals Forum (FMF), held in Riyadh, witnessed the signing of 126 agreements and memorandums of understanding (MoUs) worth SAR 107 billion.

The agreements aim to enhance exploration, mining, financing, research and development, innovation, sustainability, value-added chains, and the metals industry, the state-run SPA reported.

A MoU was signed between the Royal Commission for Jubail and Yanbu (RCJY) and Tosyali Arabia to establish a fully integrated flat steel production plant in Ras Al-Khair Industrial City. The project aims to enhance the steel sector and boost export capabilities.

An agreement was signed with Vale to produce iron ore briquettes in Ras Al-Khair, ensuring essential raw material supplies for national and international industries.

RCJY also signed a cooperation agreement with Vale to produce iron ore briquettes in Ras Al-Khair. This initiative aims to strengthen the supply of essential raw materials for both domestic and global industries.

In a bold move to enhance copper production, RCJY also signed a MoU with Vedanta Ltd to establish a copper smelter and refinery with an annual production capacity of 400,000 tons. Additionally, a copper rod manufacturing facility with a capacity of 300,000 tons per year will be developed in Ras Al-Khair.

In addition, Mekyal Financial and Marine Mining Co. signed a MoU to establish a fund aimed at supporting deep-sea mineral exploration and exploitation projects. This initiative is an innovative step towards expanding the scope of mineral resource exploration using advanced marine mining technologies.

The National Company for Industry and Mines signed a MoU with Shanghai Donghexin New Materials Ltd. to develop the advanced materials industry. This collaboration focuses on enhancing production efficiency and industrial technologies.

Further, four strategic projects were unveiled during the conference, including a joint venture (JV) between Saudi Aramco and Saudi Arabian Mining Co. (Maaden) to explore critical minerals essential for the energy transition. This partnership combines Aramco's expertise in geological data and digital technologies with Maaden's capabilities in exploration and development.

Maaden also announced new discoveries, including potential expansions at the Mansourah-Massarah gold mine and findings in Wadi Al Jaww and Shayban deposits.

In the steel sector, Hadeed announced its full acquisition of Rajhi Steel, accompanied by a SAR 25 billion investment plan aimed at meeting the demands of large-scale projects.

Additionally, Baosteel, a Chinese steel company, revealed plans to build its first fully integrated steel plant outside China, in collaboration with Aramco and the Public Investment Fund (PIF).