Gulf States' Attraction to Metals Continues

Gulf states are getting further involved in the metals & energy supply chain, setting up trading units for their own production and needs, and setting up funds to take stakes in mining companies and projects.

Abu Dhabi-based International Resources Holding, the mining company part of the conglomerate chaired by powerful Emirati royal Sheikh Tahnoon bin Zayed al-Nahyan, and owner of 51% of Zambia's Mopani Copper mine, has built out a 60-person trading unit to handle energy and metals. 

Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, according to MDO's chief executive, Mattar Al Badi.

Saudi Arabia's State-owned miner

Gulf states putting their $ into #Mining

"Middle East is looking to diversify and has a war chest."

Interesting article from the FT on the new kids on the Mining block.

#Zambia's Mopani #Copper deal with #UAE's International Resources Holding IRH, part of the $240bn business empire of powerful Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan, finalized at the end of March marks a new force sweeping through the global mining sector.

"Gulf nations, hungry to diversify their economies beyond fossil fuels, are redirecting petrodollars to secure copper, nickel and other minerals used in power transmission lines, electric cars and renewable power."

"Washington has welcomed the Gulf's expanding role in mining for helping to break Beijing's monopoly over processing critical minerals. The US has been actively brokering Saudi, Emirati and Qatari investment