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Al-Khorayef Discusses Expansion Plans of Brazilian Mining Giant Vale in Saudi Arabia

Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
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Al-Khorayef Discusses Expansion Plans of Brazilian Mining Giant Vale in Saudi Arabia

Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)
Al-Khorayef touring giant Carajas mines in the Amazon forests (Asharq Al-Awsat)

Saudi Arabia and Brazil are seeking to expand partnerships in the mining sector, as the two countries enjoy important economic and investment relations. The Kingdom supplies Brazil with 16 percent of its market need for phosphate fertilizers through Maaden Company.
During a visit to Brazil, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef discussed with officials of the Brazilian mining giant Vale, the company’s expansion plans in the Kingdom and opportunities for cooperation in developing the Carajas mines in the Amazon forests, which produce over 300 million tons of iron ore annually.
On Sunday, the minister visited Vale’s Carajas mines, where he was briefed on advanced technologies used in mineral extraction and processing, including remote mine management and driverless trucks.
Accompanied by Deputy Minister of Industry and Mineral Resources Khalid Al-Mudaifer and other industry leaders, Al-Khorayef discussed with Vale officials prospects for transferring knowledge and expertise, particularly in mining within rainforests and nature reserves, and forming effective partnerships with local communities.
This visit comes as part of the minister’s tour to Brazil and Chile, which aims to strengthen bilateral relations and attract investments to the Kingdom in the industrial and mining sectors.
Brazil is the second largest iron ore producing country in the world, and has a long history in the mining sector, with the number of mines exceeding 3,000.
Vale works to develop a factory and logistics center for processing and producing iron pellets in the Ras Al-Khair Industrial City in the east of the Kingdom, with an investment exceeding SAR 4 billion ($1.06 billion), and a production capacity of up to 4 million tons annually of iron pellets, which is the main material for steel production.
Al-Khorayef had recently met with the CEO of Vale Mining Company, Eduardo Bartolomeo, in Brazil, to discuss the promising investment opportunities provided by the Saudi mining sector and the expansion plans in the Kingdom.

 

 

 

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Oil Falls on Demand Growth Concerns, Robust Dollar

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)
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Oil Falls on Demand Growth Concerns, Robust Dollar

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 prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.