Collaborative Milestones with Egypt, Russia, Morocco, and the Democratic Republic of Congo at the Future Minerals Forum
Abdelly & Associates extends its congratulations to the proactive countries and professional negotiating ministers
Egypt,
Russia,
Morocco
the Democratic Republic of Congo
Saudi Arabia signs mining deals with four nations only during the Future Minerals Forum mining conference
Saudi Arabia has signed memorandums of understanding (MOUs) for mining collaborations with Egypt, Russia, Morocco and the Democratic Republic of Congo at the Future Minerals Forum in Riyadh, Saudi Arabia.
Saudi Arabia has signed memorandums of understanding with four countries that weigh heavily in Africa: Morocco, Egypt and the Democratic Republic of Congo (DRC). Note that these agreements were signed on the sidelines of the Future Minerals Forum mining conference which ended yesterday, Thursday, January 11. These MoUs lay the foundations for “cooperation in the field of mineral wealth”.
We learned that the documents were initialed by the Moroccan Minister of Energy Transition and Sustainable Development, Leila Benali; the Egyptian Minister of Oil and Mineral Resources Tarek el-Molla and the Congolese Minister of Mines, Antoinette N’samba Kalambayi.
For Egypt, it is the culmination of a long work since its Minister of Mines took part in this summit in 2022 and had expressed his keen interest in Saudi investments. As for the DRC, it has been active for several years, especially since Félix Tshisekedi came to power in 2019, to diversify its partnerships in the mining sector in order to escape the Chinese yoke. Indeed, China has got its hands on the juiciest veins but the agreements are very unfavorable to the Congolese. Moreover, President Tshisekedi was in Beijing in May 2023 to obtain the renegotiation of contracts.
Among the DRC’s successes is the agreement with the United Arab Emirates on gold mining. Indeed, Kinshasa is ideally positioned to attract investments from the Manara Minerals fund, a joint venture between the Saudi state mining company Ma’aden and the Saudi Public Investment Fund, a structure set up precisely to buy mining assets with all its might. abroad.
Remember that Future Minerals Forum is a conference that Riyadh organizes annually and the 2024 edition, the third, mobilized more than 70 countries. Agreements worth $20 billion for mining investment were sealed on the sidelines of the meeting. When we told you that the Saudis have the means to achieve their ambitions, even in the face of those of China in Africa.
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