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Saudi Arabia eyes investment in Vale, MIND ID: Minister
Besides critical minerals, the industry minister also confirmed that the petrochemical sector is on the table.
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Ready to invest: Industry Minister Agus Gumiwang Kartasasmita welcomes Saudi Arabia Industry and Mineral Resources Minister Bandar Al-Khorayef and his delegation on Wednesday at his office in Tulodong, South Jakarta. (JP/Ruth Dea Juwita)
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audi Arabia plans to invest in and take part in the operations of PT Vale Indonesia and in the state-owned mining holding company MIND ID as part of a broader push to secure access to critical minerals, a minister has said.
After meeting with Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef in his office, Industry Minister Agus Gumiwang Kartasasmita told reporters on Wednesday that Riyadh expressed its readiness to deploy capital into the country’s mining sector.
“Saudi ministers have met with several industry players of Indonesia's mineral development sector during their visit and they are ready to invest in the country's mineral sector,” Agus said.
Riyadh also showed particular interest in joining operations in both Vale Indonesia and MIND ID, the minister added.
Read also: Saudi Arabia’s rise signals decline of Europe’s geopolitical centrality
MIND ID, which is also Vale Indonesia’s largest shareholder, held talks previously on Tuesday with Al-Khorayef’s delegation to explore operational cooperation, including potential participation in downstream projects.
The Wednesday talks were expected to lead to the signing of up to three memoranda of understanding (MoUs) with Saudi partners, targeting so-called “quick win” projects to improve bilateral trade ties.
