PIF and Ma’aden’s Joint Venture to Boost Mining Sector: Top Official

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has formed a joint venture with Saudi Arabian Mining Co. (Ma’aden) to invest in mining assets globally. The venture will initially focus on investing in iron ore, copper, nickel and lithium as a non-operating partner taking minority equity positions. The PIF has estimated that there is as much as $1.3tn in untapped resources sitting under the ground in the country. The PIF is also committed to bringing core mining projects to life, supplying the world with critical minerals, and helping to meet decarbonisation targets at the same time.