Saudi Arabia plans to secure its supply of critical metals and develop mineral extraction on its soil.

The Kingdom is stepping up in the race for the metals needed for the energy transition by launching a fund this week to invest up to 15 billion dollars in mining projects internationally. The new fund is 51% owned by the national mining company Ma'aden and the rest by the sovereign wealth fund Public Investment Fund. Its purpose is to take minority stakes in mining projects all over the world.

The “Financial Times” announced that there would already be discussions with the Brazilian giant Vale to take a stake in its base metals division whose portfolio includes nickel, cobalt and copper mines.