A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player.
The agreement with Vale SA gives the kingdom a 10% slice in one of the world's crucial suppliers of nickel and copper essential metals needed to decarbonize. It's also held other talks, including with Barrick Gold Corp about investing in a big Pakistan copper mine, according to people familiar with the matter. Speaking privately, executives at top miners said the value of Thursday's deal made clear that the Saudis are ready to splash cash around.
The move comes as the question of who controls the commodities needed to both sustain and decarbonize economies has turned into a global flashpoint, jumping to the top of agendas in the US and Europe. China has for years been the dominant buyer, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to find alternative sources of funding.
Saudi Arabia is seeking to take minority stakes in global mining assets that will over time help provide access to supplies of strategic minerals.
Diese Geschichte stammt aus der July 31, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July 31, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
India urges $1.3 tn annual climate grant
Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.
Over 600 mn cyberattacks daily, AI can secure devices
Microsoft is developing a password-free authentication process to eliminate the risk of breaches
Small businesses ramping up cybersecurity, thanks to AI
Rising AI adoption is helping cybersecurity providers hike their marketable base in India
