RIYADH (Reuters) – Ma’aden, the mining arm of the Saudi Arabian Crown Prince’s Public Investment Fund (PIF), plans to open its first office in São Paulo, Brazilian Minister of Mines and Energy, Alexandre Silveira, said in this Tuesday.
The initiative includes an estimated investment of 8 billion reais to advance geological mapping in Brazil, Silveira told reporters in Riyadh.
“We really need to know more about our subsoil… for research and partnerships with the Brazilian mineral sector, so that we can explore and make adequate and sustainable use of the subsoil”, he said, emphasizing that mining, together with oil and gas, is fundamental to the global energy transition.
The investment aligns with Saudi Arabia’s Vision 2030 strategy to diversify the economy by leveraging its expertise in mining and sustainable energy.
