Forget China, the hot money in mining is suddenly Saudi

A US$2.6\u002Dbillion deal announced last week set the stage for the arrival of Saudi Arabia as a pivotal player in mining investment. Read on.

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about investing in a big Pakistan copper mine, according to people familiar with the matter. Speaking privately, executives at top miners said the value of July 27’s deal made clear that the Saudis are ready to splash cash around.The move comes as the question of who controls the commodities needed to both sustain and decarbonize the world’s economies has turned into a global flashpoint, jumping to the top of agendas in the United States and Europe.

For western producers, the kingdom offers access to deep pools of capital, which are appealing as Chinese funds become less politically palatable, but also as some institutional investors have turned less comfortable with mining over environmental concerns. , who spent the last few years developing one of the world’s biggest copper operations, in the Democratic Republic of Congo, with the help of Chinese funds.

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