Saudi Arabia signs MoU with Brazil’s Vale for iron ore project

The Royal Commission for Jubail and Yanbu on Thursday signed a memorandum of understanding with Brazilian mining company Vale for the development of an iron ore briquettes project in the Kingdom.

The MoU was signed on the sidelines of the two-day Future Minerals Forum during which the Brazilian company also showcased its ambitious plans in the Middle East.

The deal marked an integral milestone in Vale’s journey in the region, spotlighting the upcoming state-of-the-art project in the Kingdom as a crucial part of its strategy to decarbonize the steelmaking industry.

Speaking in a panel discussion titled “Making Africa, Western and Central Asia processing and manufacturing hubs,” Vale CEO Eduardo Bartolomeo highlighted the technological innovations and advancements planned within the Mega Hub in Ras Al-Khair Industrial City.

Vale said that its participation at the forum underscored the company’s pivotal role in the region’s sustainable mining sector, adding that it demonstrated a strong alignment with the Kingdom’s Vision 2030 in an emphasis to its project in Ras Al-Khair and commitment to net-zero emissions.