Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef expressed in a press statement today that the interpretations by some international news agencies regarding the Public Investment Fund's (PIF) direction related to Manara Minerals were not accurate. He emphasized that his comments had been misrepresented, clarifying that he was discussing all possibilities to enhance the company's role in addressing the Kingdom's minerals gap in collaboration with the National Minerals Program, recently approved by the Cabinet. He reiterated that any announcements concerning PIF's investment decisions or institutional frameworks are solely released through PIF's official channels.

According to Saudi Press Agency, Alkhorayef stated that PIF is the primary supporter of the mining sector in the Kingdom, contributing to value creation across the entire mineral value chain. He stressed PIF's indispensable role in guiding the long-term investments necessary for this intricate industry. He added that efforts are ongoing across the mining ecosystem to elevate the Kingdom's status as a reliable participant in global supply chains.

Alkhorayef also mentioned PIF's announcement made during the fifth edition of the Future Minerals Forum in Riyadh. Initial terms were agreed upon with Red Sea Aluminium Holdings to establish an advanced integrated aluminum complex in Yanbu Industrial City. This new project is set to introduce cutting-edge smelting technologies and will become one of the largest casting facilities in the Middle East. It aims to produce a wide array of high-value downstream aluminum products that will bolster national industrial value chains and support the Vision 2030 goals of establishing the Kingdom as a global mineral hub.

The minister further elaborated on PIF's pivotal role, supported by its investment and technical expertise, particularly in fostering the growth of Maaden, the national mining leader and one of the world's largest mining entities.

He concluded by highlighting that advancing high-impact projects in mining and metals, in close cooperation with PIF, reflects the Kingdom's strong commitment to making mining the third pillar of the national industry. This initiative is aimed at creating a stable, transparent investment climate capable of meeting the increasing global demand for minerals and aligning with the future ambitions of advanced national industries.

Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef expressed in a press statement today that the interpretations by some international news agencies regarding the Public Investment Fund's (PIF) direction related to Manara Minerals were not accurate. He emphasized that his comments had been misrepresented, clarifying that he was discussing all possibilities to enhance the company's role in addressing the Kingdom's minerals gap in collaboration with the National Minerals Program, recently approved by the Cabinet. He reiterated that any announcements concerning PIF's investment decisions or institutional frameworks are solely released through PIF's official channels.

According to Saudi Press Agency, Alkhorayef stated that PIF is the primary supporter of the mining sector in the Kingdom, contributing to value creation across the entire mineral value chain. He stressed PIF's indispensable role in guiding the long-term investments necessary for this intricate industry. He added that efforts are ongoing across the mining ecosystem to elevate the Kingdom's status as a reliable participant in global supply chains.

Alkhorayef also mentioned PIF's announcement made during the fifth edition of the Future Minerals Forum in Riyadh. Initial terms were agreed upon with Red Sea Aluminium Holdings to establish an advanced integrated aluminum complex in Yanbu Industrial City. This new project is set to introduce cutting-edge smelting technologies and will become one of the largest casting facilities in the Middle East. It aims to produce a wide array of high-value downstream aluminum products that will bolster national industrial value chains and support the Vision 2030 goals of establishing the Kingdom as a global mineral hub.

The minister further elaborated on PIF's pivotal role, supported by its investment and technical expertise, particularly in fostering the growth of Maaden, the national mining leader and one of the world's largest mining entities.

He concluded by highlighting that advancing high-impact projects in mining and metals, in close cooperation with PIF, reflects the Kingdom's strong commitment to making mining the third pillar of the national industry. This initiative is aimed at creating a stable, transparent investment climate capable of meeting the increasing global demand for minerals and aligning with the future ambitions of advanced national industries.