RIYADH (Reuters) – Saudi Arabian Mining Co (1211.SE) (Ma’aden), the Gulf’s largest miner, is actively looking for investment opportunities overseas that would complement and strengthen its business inside the kingdom, the company’s chief executive said on Thursday.
Ma’aden, which mines gold and copper and has in recent years expanded into the production of aluminium and phosphates, is key to Saudi Arabia’s plan to diversify its economy away from hydrocarbons. The government aims to more than triple mining’s contribution to the nation’s economic output by 2030.
The company, which is 65 percent owned by the kingdom’s Public Investment Fund, is looking for joint ventures and acquisitions in Latin America, India and other countries to boost its operations in phosphate fertilisers and base metals.
“Our strategy outside the kingdom will include us looking at options in organic investments, joint ventures and potentially acquisitions where we see good value and where we see good fit with Ma’aden’s existing business,” Darren Davis told Reuters on the sidelines of an investment conference in Riyadh.
“We continue to be very bullish on copper,” he said, adding that the company plans to boost its presence in countries where there are good copper deposits as way to gain the skills needed to develop its domestic operations.