Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
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Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)

Saudi Arabia 's mining complexes reached 360, according to data released by the Saudi Ministry of Industry and Mineral Resources.

Under Vision 2030, mining is the third pillar of Saudi Arabia's economic development, after energy and petrochemicals.

The Makkah region took the lead with 72 facilities, Riyadh with 52, and Madinah with 52. The rest of the complexes are scattered across the Kingdom.

The report also said the Kingdom has 70 reserves sites for mining activities.

The Ministry said these mining complexes extract gold, copper, zinc, aluminum, magnesium, iron, silica, gypsum, limestone, clay, and various other industrial materials.

Limestone ore, bauxite, and phosphate ore are among the minerals widely used in the Kingdom's manufacturing industries.

The Ministry confirmed that the mining facilities have become a steady source of jobs for Saudis and offer different positions such as quarry official, mechanical technician, electrical technician, geologist, and mining engineer.

The Ministry aims to govern the mining sector, enhance its transparency, and increase investor confidence. It also seeks sustainability for the industry and motivates local communities to participate in the mining sector's growth paths following investments in the mining sector.

It aims to develop the areas adjacent to the mining projects by employing people from the nearby regions, increasing local purchases from the local market, and developing plans for effective communication in the area surrounding the project.

In January, the Ministry will launch Future Minerals Summit with the participation of more than 50 international speakers will attend the summit. The Ministry confirmed that ministers from over 25 Asian and African countries will also hold a meeting.



Nippon Steel, US Steel Send Letter to Biden on Merger Plans

The Edgar Thomas Plant of the United States Steel Corporation in Braddock, Pennsylvania, on October 27, 2022. Branden Eastwood/AFP/Getty Images
The Edgar Thomas Plant of the United States Steel Corporation in Braddock, Pennsylvania, on October 27, 2022. Branden Eastwood/AFP/Getty Images
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Nippon Steel, US Steel Send Letter to Biden on Merger Plans

The Edgar Thomas Plant of the United States Steel Corporation in Braddock, Pennsylvania, on October 27, 2022. Branden Eastwood/AFP/Getty Images
The Edgar Thomas Plant of the United States Steel Corporation in Braddock, Pennsylvania, on October 27, 2022. Branden Eastwood/AFP/Getty Images

Nippon Steel and US Steel have sent a letter to US President Joe Biden about their planned $15 billion merger after media reported that he was preparing to block the deal, a spokesperson for the Japanese steelmaker said.

The spokesperson did not provide details about the letter's content, but said it was signed by Nippon Steel Chief Executive Eiji Hashimoto and US Steel CEO David Burritt as well as other executives.

US Steel did not immediately respond to a request for comment outside of US business hours. The US embassy in Japan did not immediately have comment.

Japan's biggest steelmaker is pursuing a cash deal to buy the 123-year-old US Steel, despite resistance from Biden, the United Steel Workers (USW) union and many members of Congress while a US national security review is conducted.

The deal has also been opposed by both Republican presidential nominee Donald Trump and Democratic nominee Kamala Harris. Both are vying to win the critical swing state of Pennsylvania, where US Steel is headquartered.

The Committee on Foreign Investment in the United States (CFIUS) told the companies in an Aug. 31 letter seen by Reuters the deal would create national security risks because it could hurt the supply of steel needed for critical transportation, infrastructure, construction and agriculture projects.

A top Nippon Steel executive and US Steel's CEO met with senior US officials on Wednesday in an effort to salvage the deal, a person familiar with the matter said.

The outcome of the meeting was not immediately clear.

The Japan Business Federation and a number of US business groups, in a letter to Treasury Secretary Janet Yellen on Wednesday, raised concerns that the Biden administration's national security review of the deal is being unduly influenced by political pressure.

On Friday, Japan's Minister of Economy, Trade and Industry Ken Saito declined to comment on the deal, saying that doing so would interfere in US domestic affairs.

But Saito added: “It is extremely important that Japanese and US companies continue to make transactions and the growth in deals constitutes a key element of the strong economic relationship between the two nations.”