Saudi Arabia Seeks to Strengthen its Latin American Mining Footprint

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Saudi Arabia and Brazil agree on new partnerships, as Chile's minister of mines travels to Riyadh for the Future Minerals Forum, where new partnerships with the Saudi government could be announced.

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Saudi Arabia Forms New Partnerships with Latin American Governments

Brazil's Minister of Energy and Mines, Alexandre Silveira, and his Saudi counterpart, Bandar Al-khorayef, met prior to the international conference to strengthen ties. Silveira highlighted Brazil's interest in receiving a representative from Manara Company, a Saudi mining firm, to evaluate opportunities to invest in strategic minerals.

The two governments agreed to establish a bilateral working group to study mineral investment opportunities.

Manara's interest in Brazil is nothing new. In 2024, the Saudi enterprise acquired a 10% stake in Vale Base Metals, a subsidiary of Brazilian mining giant Vale, for US$2.5 billion. Vale is one of the world's largest iron ore producers and a key producer of nickel and copper.

Last year, during the Future Minerals Forum, Ma'aden, one of the owners of Manara, vowed to open an office in Sao Paulo and to invest around 8 billion reais (about US$1.4 billion) for Brazil's geological mapping; only about 30% of the nation's subsoil has been mapped.

Brazil is an attractive destination for international miners, given its significant resources of iron ore, copper, rare earths, uranium, and other minerals.

Industrial Info is tracking 1,000 projects in Brazil's Metals & Minerals Industry, worth US$66.31 billion.

Saudi Arabia and Chile

Similarly, Chile's minister of mines, Aurora Williams, announced her participation in the Future Minerals Forum, where she will meet with investment funds and Saudi mining companies to explore collaboration opportunities.

Last year, Codelco, the Chilean state miner, was reportedly in early discussion on potential collaborations with Saudi Arabia in copper and lithium projects, according to Reuters.

For its part, the Peruvian government also held meetings with the Saudi government in September to promote a Memorandum of Understanding (MOU) on mining cooperation and metallurgy between the two nations.

Saudi interest in both nations is driven by their significant copper resources, among the world's largest. At the same time, Chile is a key lithium producer while Peru is a top gold and silver supplier.

Industrial Info is tracking a combined 1,185 Metals & Minerals Industry projects in Chile and Peru, worth US$156.4 billion.

Economic Diversification

With the transition to cleaner energy technologies, the shift to electric vehicles, and the risk of a rise in global temperatures, Saudi Arabia is seeking to diversify its investments away from hydrocarbons toward other key sectors, such as mining.

New partnerships and agreements between Saudi Arabia and South American governments could be announced as part of this week's Future Minerals Forum.

Key Takeaways

• Brazil and Saudi Arabia agree to expand mining cooperation.
• Chile's mining minister also travels to Saudi Arabia with hopes of closing new agreements.
• New partnerships between Saudi and South American countries could be announced.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).