Live: Saudi Arabia seeks to boost its mining sector by concluding strategic deals to secure supplies of critical minerals to support its ambitious industrial plans.

This comes amid increasing attempts at consolidation in this sector. The Saudi Minister of Industry and Mineral Resources stated in an interview on the sidelines of the World Economic Forum in Davos that joining the wave of consolidation in the sector could be an effective way to enter the market or obtain opportunities to access various assets in a more organized manner, indicating that this step could include purchasing shares or companies entirely.

The kingdom has been signaling its desire to strike international deals to boost its economy for some time, but its efforts have so far yielded limited results, with one major deal completed and another under negotiation in Pakistan. However, recent attempts by major players in the sector could open up new investment opportunities for Saudi Arabia.

On the other hand, the minister indicated that the "Manarat Al-Maaden Investment Company", supported by the Saudi Public Investment Fund, may be interested in buying the "Barrick Gold" company's stake in the "Zaldivar" copper mine in Chile, as he confirmed that the relations between "Barrick" and "Manara" are very good.

Barrick is seeking to sell its 50% stake in the mine, while Antofagasta owns the remaining stake.

Last year, the mining sector saw several attempts at big deals, with Rio Tinto and Glencore in early talks to merge their businesses to create a rival to BHP Group. BHP also tried to buy Anglo American in a $49 billion deal, but the deal ultimately fell through.

As part of these moves, the minister pointed out that Saudi Arabia's efforts in the mining sector are parallel to its successful moves in the food sector, as the Saudi Agricultural and Livestock Investment Company (SALIC) acquired a stake in the Brazilian company BRF, and also submitted an offer to acquire the agricultural business unit of the Olam Group in a deal estimated at $4 billion.

Saudi Arabia has also made major strides in the international mining industry by acquiring a 10% stake in the base metals unit of Brazil’s Vale in 2023, a move that could pave the way for more investments in this vital sector.