عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad 

Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
TT
TT

Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad 

Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 

Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 

Ma'aden will own 51% in the venture while the Public Investment Fund (PIF) will own 49%, the company said in a regulatory filing. 

Ma'aden said the new venture's strategy "will initially be to invest in the iron ore, copper, nickel, and lithium sectors as a non-operating partner taking minority equity positions." 

In a separate statement, Ma'aden also said it agreed to acquire a 9.9% stake in American minerals exploration and development firm Ivanhoe Electric (IE), as well as form a separate joint venture with Ivanhoe to explore and develop mining projects in Saudi Arabia. 

The joint venture will provide Ma’aden with access to proprietary technology for conducting geophysical surveys to detect the presence of sulphide minerals containing copper, nickel, gold and silver, Ma'aden said. 

Most Viewed

 
 
Business

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
TT
TT

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.