Luxembourg-headquartered mining and raw materials supplier Eurasian Resources Group (ERG) will invest USD 50 mn in Saudi Arabia’s mining sector, according to a statement released last week, with plans for further long-term investments. No time frames were disclosed in the statement.

The details: ERG is planning large scale and tech driven, early-stage exploration for battery transition materials in KSA’s Dawadmi region, according to the statement. The company has already secured licenses to explore this area and is now seeking further exploration prospects, it adds. ERG is a producer of copper and cobalt, according to the company website.

Industry partnerships are also in the pipeline: ERG signed an MoU with Saudi mining company Ma’aden to build a tech hub to research ways of boosting mineral exploration efficiency in the Kingdom, the statement notes.

ERG is taking the first step into a regional expansion: ERG will set up two offices in KSA — one in Riyadh and the other in Jeddah — with its presence on the ground serving as a springboard for the company’s growth in MENA, according to the statement.

And it’s a W for KSA’s minerals push: The kingdom is on a push to position itself as a global hub for “green metals” and ERG intends to capitalize on incentives under the Kingdom’s Mining Investment Act to support its activity, ERG Board Chairman Alexander Machkevitch was quoted as saying, without providing further details. The Kingdom says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn. It plans to attract some USD 32 bn in investment in its mining and mineral sector and award more than a dozen mining exploration licenses to international investors, Saudi Mining Minister Bandar Al Khorayef said in November.

This is the latest in a string of mining agreements this month: Ma’aden announced multiple joint ventures during the Future Minerals Forum to spur mining exploration both at home and abroad earlier this month. Other agreements announced at the forum included one that could see more British mining companies set up in KSA and agreements to build a lithium processing plant and a production plant for essential EV battery chemicals.

ELSEWHERE IN THE REGION- Oman is jumping on the bandwagon: Oman’s Environment Authority inked a technical cooperation agreement with Minerals Development Oman to develop a government services portal to facilitate procedures for the issuance of licenses for mining industry investors, Oman Observer reports. The new portal will simplify procedures for the submission of project-related environmental studies, allowing authorities to review requirements within two weeks. The country’s energy and minerals ministry invited bids for three mining sites to attract investment in the sector last October.