Saudi Arabia explores new mining collaboration opportunities in Chile

The meeting addressed various topics of mutual interest regarding the development of mining and the importance of copper and lithium as critical minerals for the future of the different economies of the planet that promote green policies based on the development of renewable energies and electric vehicles.

During their visit to Chile, the Saudi delegation expressed interest in exploring opportunities within Chile’s mineral sector, which they highlighted as an outstanding example in mining development, recognizing the outstanding track record and capabilities of the National Copper Corporation of Chile (Codelco).

This interest from Saudi Arabia could mean new opportunities for investment and collaboration between both countries in mining projects, taking advantage of Chile’s mineral potential and its reputation in the industry.

“We are aware of the contribution that we, as a company, are making to responsibly produce minerals that will increasingly help to combat global warming. That is why we are proud and value the interest that Saudi Arabia has shown in our company and possible opportunities for collaboration in the future,” said Rubén Alvarado, at the end of the visit. He also took the opportunity to recall that Codelco has very positive experiences in public-private partnerships. Some examples can be with Anglo American in Los Bronces, with Freeport in El Abra and, more recently, with Rio Tinto in Nuevo Cobre.

Also present at the meeting on behalf of Codelco were the Vice Presidents of Finance, Alejandro Sanhueza; Marketing, Braim Chiple; Corporate Affairs and Sustainability, Gabriel Méndez; and Legal, Macarena Vargas. The Saudi delegation included the Vice Minister of Mining Affairs and Vice President of Ma’aden (state mining company), Khalid Saleh Almodaifer; and the CEO of the Saudi Export-Import Bank, Saad Abdulaziz Alkhalb, among others.

In addition, Rubén Alvarado participated in the bilateral meeting organized on Monday by the Minister of Mining, Aurora Williams, with the Saudi minister and his delegation at the Foreign Ministry. On this occasion, InvestChile also held a business meeting with representatives of the Chilean Ministry of Mining, Codelco, Enami, Corfo and the College of Geologists of Chile.

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Codelco, or the National Copper Corporation of Chile, is one of the largest mining companies in the world and the largest producer of copper on the planet. Founded in 1976, this Chilean state-owned company went on to play a crucial role in the country’s economy.

The Company is the world’s largest copper producer, with a significant share of global production. Its operations are concentrated in several important deposits in Chile, such as Chuquicamata, El Teniente, Andina and Radomiro Tomic. It has vast copper reserves, which enables it to maintain a dominant position in the global market and ensure a constant supply of this essential metal.

Codelco is a fundamental pillar of the Chilean economy. The company contributes significantly to the country’s Gross Domestic Product (GDP) and generates employment for thousands of citizens. Part of the revenue generated is directed to the Chilean government and used to finance various public programs and services.

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Saudi Arabia diversifies its economy

In recent years, Saudi Arabia has been stepping up efforts to diversify its traditionally oil-dependent economy and is actively exploring opportunities in various sectors, including mining.

In order to reduce its dependence on oil, the country has launched the “Vision 2030” initiative. Mining and mineral resources have become key areas within this strategy.

Saudi Arabia has significant mineral reserves, including phosphates, bauxite, copper, zinc and gold. Exploiting these resources is seen as a way to increase the added value of its raw materials and attract foreign investment.

In order to support the growth of its mining sector, a significant amount of capital is being invested in the development of key infrastructure, such as transport and logistics. This includes the construction of ports, railways and roads to facilitate the extraction and export of minerals.