Global investment company Orion Resource Partners and SNB Capital, a subsidiary of Saudi National Bank, have entered into a partnership to support the development of Saudi Arabia’s mining and metals industry.
The financial specifics of the partnership have not been disclosed.
This initiative aligns with Saudi Arabia’s Vision 2030, a framework aimed at enhancing national support for the mining sector, which is crucial for meeting growing demand for critical commodities.
According to Orion Resource Partners, the partnership represents a significant step within Saudi Arabia’s mining sector, combining the latter company’s global expertise in metals and mining with SNB Capital’s strong local market presence.
SNB Capital chief of staff Abdulrahman Almashal said: “This partnership represents the continuation of SNB Capital’s efforts to support the kingdom’s Vision 2030. Saudi Arabia is poised to emerge as a major global participant in the critical minerals sector, with significant untapped resources, strong industrial ambition and a strategically advantageous geographic position.
“As a trusted strategic partner and adviser, we believe developing world-class mining and midstream capabilities has the potential to create long-term value for the kingdom’s markets. We are excited to partner with Orion to achieve these aims.”
The collaboration will focus on identifying and supporting projects within Saudi Arabia that are poised to advance into near-term production, particularly those contributing to the establishment of secure and diversified critical mineral supply chains.
Orion Resource Partners managing partner Tim Keating said: “This represents a compelling opportunity at an important moment for the kingdom’s mining industry. Demand for critical minerals is accelerating globally, and Saudi Arabia’s Vision 2030 provides a strong strategic framework to support the development of domestic mining and processing capabilities.
“We are delighted to work alongside SNB Capital to deploy capital thoughtfully and responsibly into high-quality mining and midstream assets, contribute FDI [foreign direct investment] to the kingdom, and support its long-term economic diversification and industrial ambitions.”
In a related development, in October last year Orion Resource Partners launched the $1.8bn Orion Critical Mineral Consortium to enhance US economic competitiveness and national security.
The consortium was established in collaboration with the US International Development Finance Corporation and Abu Dhabi-based investment firm ADQ.
