عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA
TT
TT

Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA

The third edition of the Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources, has witnessed the signing of several memoranda of understanding (MoU) between a number of government agencies, companies and institutions participating in the forum. New exploration sites were announced as well as other incentives to promote mining exploration.
The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security (JOGMEC) signed MoU for cooperation in the fields of mining and mineral resources, with a special focus on the supply of vital minerals, which play an important role in global energy transitions.
The Ministry of Industry and Mineral Resources and the Ministry of Investment also signed MoU with Jiangxi Copper Co. Ltd. to cooperate in evaluating and exploring investment opportunities in the Kingdom's copper value chain, covering the initial, middle and final stages, SPA reported.
Furthermore, the Innovation Mining Oasis Initiative was launched in cooperation between the Ministry of Industry and Mineral Resources, King Abdulaziz City for Science and Technology (KACST), the National Industrial Development and Logistics Program, the Geological Survey Authority, the Saudi Arabian Mining Company (Ma’aden).
The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion, and the unveiling of new incentives to boost mining exploration by about SAR685 million ($182 million) in cooperation with the Ministry of Investment.
The forum witnessed the submission of the exploration license competition for the Jabal Sayid mineral belt, which contains a large wealth of base and precious metal ores, with an area of more than 4,000 square kilometers. Also, 33 new exploration licenses were submitted through competition within the upcoming licensing rounds for 2024.

Most Viewed

 
 
Business

Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.