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☆ US, Saudi Arabia in talks to secure metals in Africa, Wall Street Journal reports
▼ + stars: | 2023-09-10 | by ( ) www.cnbc.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, March 1, 2023. The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks. In a similar arrangement in July, Saudi Arabian Mining Co (Ma'aden) (1211.SE) and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale's base metal unit, while U.S. investment firm Engine No. The White House is seeking the financial backing of other sovereign-wealth funds in the region, but talks with Saudi Arabia have progressed the farthest, the Journal added. The Saudi government and The White House did not immediately respond to a request for comment.

Persons: PIF, Ma'aden Organizations: Wall Street, Democratic, Saudi Arabian Mining, Saudi Public Investment Fund, Manara Minerals, Saudi Locations: Los Angeles, United States, Saudi Arabia, Africa, Saudi, Democratic Republic of Congo, Guinea, Namibia, U.S, China, Brazilian, Congo

☆ Saudi Arabia's Ma'aden profit sinks 91% on lower prices, higher costs
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Aug 13 (Reuters) - Saudi Arabian Mining Company (1211.SE), known as Ma'aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products. That missed analysts' average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data. "We are beginning to see an improvement in raw material pricing and, despite the challenging market environment, remain well placed to meet the growing long-term demand for our products," Ma'aden Chief Executive Robert Wilt said in a statement. Ma'aden expected prices of ammonia to remain stable in the third quarter "as supply tightness continues to provide marginal upside." Ma'aden sees gold trading in its current range for the rest of the year and raw material prices continuing to ease, "supporting profitability."

Persons: Ma'aden, Robert Wilt, Yousef Saba, Bernadette Baum Organizations: Saudi Arabian Mining Company, Thomson Locations: DUBAI, Saudi, Americas

☆ Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 30 (Reuters) - Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion. "Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said. The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024. Reporting by Rachna Uppal; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Rachna Uppal, Angus MacSwan Organizations: Saudi Arabian Mining Company, Public Investment Fund, Vale Base Metals, Vale, Thomson Locations: DUBAI, Saudi, Manara

☆ Most Gulf markets drop as oil prices fall
▼ + stars: | 2023-02-13 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data. Oil, which fuels the region's growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi (ALPHADHABI.AD) and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%. The Qatari Stock index (.QSI) fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%. Saudi Arabia's benchmark stock index (.TASI) opened on positive note trading 0.6% higher.

☆ Gulf bourses wobble; Egypt edges up
▼ + stars: | 2023-01-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Jan 15 (Reuters) - Stock markets in the Gulf wobbled on Sunday with the Qatari index extending losses for a third session. Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Elsewhere, Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, retreated 1.2%, ending two sessions of gains. However, Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest bank by assets, gained 0.7%, ending three sessions of losses. Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.1%, helped by a 5.3% jump in El Sewedy Electric (SWDY.CA).

☆ Saudi, Qatar ends higher as China scraps COVID curbs
▼ + stars: | 2023-01-08 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Jan 8 (Reuters) - The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world's second-largest economy, while Egypt and UAE markets were closed. Meanwhile world's top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil. Saudi Arabia's benchmark index (.TASI) edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma'aden) (1211.SE). The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar (IQCD.QA) jumped 3.1% while lender Masraf Al Rayan (MARK.QA) was up 2.5%. ($1 = 3.6580 Qatar riyals)($1 = 3.7580 riyals)Reporting by Shamsuddin Mohd in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi bourse gains on rising oil prices; Egypt falls
▼ + stars: | 2022-11-06 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Saudi Arabia's stock market ended higher on Sunday in response to Friday's sharp rise in oil prices, while the Egyptian index slipped into negative territory following a recent rally. The benchmark index (.TASI) in Saudi Arabia gained 0.7%, led by a 1.6% jump in oil giant Saudi Aramco (2222.SE) and a 0.5% increase in Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) finished 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.9%. The Qatari bourse recorded an increase with natural gas prices continuing their rebound, Daniel Takieddine, CEO MENA at BDSwiss. read moreQatar, which hosts the 2022 FIFA World Cup this month, is one of the world's largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

☆ Saudi Arabia considers new mining index in diversification push
▼ + stars: | 2022-11-04 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

Mining Minister Bandar bin Ibrahim al-Khorayef told Reuters in an interview in Sydney that his team met with Australian counterparts to learn more about a mining index, similar to Australia's ASX 300 Metals & Mining (XMM) sub-index (.AXMM) that lists metals and mining firms including producers of gold, steel and precious metals. "We have a secondary stock market in Saudi...its still evolving. "The whole idea (of a mining index) is to ensure that we have something that financing companies or financial institutions like banks can have good visibility on," he said. "We want to encourage people who offer services to mining companies to come to Saudi either directly or through partnering with some local people. Saudi is hosting the Future Minerals Forum in Riyadh in January, where it hopes to announce more details of its plans for the mining sector.

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