Riyadh – Following the World Financial Discussion board (WEF) held in Davos final week and the agreements achieved on the Future Minerals Discussion board in Saudi Arabia, Eurasian Assets Group (“ERG” or “The Group”) discloses its intention to spend money on the Kingdom for the long run. A number one diversified pure assets group headquartered in Luxembourg, ERG plans to speculate $50 million available in the market, with the potential to develop this determine year-on-year.
ERG’s market entry to the Kingdom is a pure transfer to develop its current world footprint, now spanning greater than 16 international locations. ERG states that its two workplaces, in Riyadh and Jeddah, will probably be central to the Group’s regional growth technique centered on its development within the Center East and North Africa areas.
ERG will prioritise giant scale, tech-enabled early-stage exploration for battery transition minerals within the Advert Dawidimi area of the Kingdom, the place it has already secured licenses and is actively pursuing additional exploration floor.
Benedikt Sobotka, CEO of ERG, stated, “The World Financial institution estimates 75% of worldwide exploration spend goes to solely 10 international locations. This isn’t sustainable if we wish to meet the exponential demand for minerals wanted to energy the worldwide power transition. ERG is seasoned in getting into new frontier markets, these beforehand neglected, untapped or underexplored, and is wanting ahead to embarking on this journey with the Kingdom. Saudi Arabia supplies distinctive situations to assist us to proceed producing important supplies for the manufacturing of batteries and renewable power methods in the long run: large-scale maiden exploration floor with sound prospectivity, a younger, formidable and highly-skilled workforce, established infrastructure, secure and inexpensive energy, a supportive authorized framework for funding and the political will to capitalise on its mineral wealth.”
“Below Imaginative and prescient 2030 and its Mining Technique, Saudi Arabia has taken steps by authorized reform and entry to high-quality geological knowledge to make its estimated $1.3 trillion value of minerals enticing to explorers and buyers. ERG is dedicated to long-term funding within the area and intends to leverage the total suite of incentives beneath the brand new Mining Funding Legislation to help its efforts,” stated Dr. Alexander Machkevitch, ERG Chairman of the Board of Administrators.
At WEF, Dr Machkevitch joined His Excellency Khalid A. Al-Falih, the Kingdom’s Minster of Funding, in a closed session hosted by his ministry to debate how the power transition is impacting downstream industries.
This session holds explicit relevance as ERG is assessing alternatives to establish and develop assets, and, the place doable, to extend captive provides by downstream amenities – which might probably embrace processing amenities for battery precursors.
As well as, by ERG Expertise Intelligence, ERG plans to make use of the most recent applied sciences in its exploration and mining actions, together with incubating prototypes such because the NOMAD (a Tele-operated Distant Sampling System) immediately within the subject.
Jonathan Cordero, Head of Company Improvement at ERG, stated, “Implementing sensible applied sciences from the get-go will enable us to leapfrog conventional exploration and mining strategies and reap vital advantages – from improved workforce security and decrease carbon emissions, to enhanced productiveness and effectivity.
Sustainable growth is the bedrock of our enterprise technique and beginning operations with a clean canvas provides us the chance to innovate and embed sustainable practices proper from the beginning.”
With collaboration being central to its DNA, ERG intends to advance technological growth by trade partnerships within the Kingdom. Through the Future Minerals Discussion board, ERG signed an MOU with Ma’aden to construct a best-in-class know-how hub to additional examine environment friendly and cutting-edge methods to speed up exploration throughout the Kingdom to sustainably meet mineral demand. This collaboration will probably be prolonged to incorporate different related trade gamers sooner or later.
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For extra data please contact:
Eurasian Assets Group, Jeddah
communications.KSA@erg.internet or press@erg.internet
About Eurasian Assets Group:
Eurasian Assets Group (ERG) is a number one diversified pure assets group headquartered in Luxembourg with built-in mining, processing, power, logistics, and advertising and marketing operations. The Group operates in 16 international locations and is a serious employer within the trade with greater than 75,000 individuals working for it.
In Kazakhstan, ERG represents one third of the metals and mining trade. It’s also a key energy provider and a big railway operator in Central Asia. ERG is the world’s largest high-carbon ferrochrome producer by chrome content material. It’s also one of many largest suppliers of alumina and iron ore in Eurasia and the one producer of high-grade aluminium within the Republic of Kazakhstan. In 2022 ERG introduced plans to speculate practically KZT 110 billion (ca. USD 230 million) in constructing a serious wind energy plant in Kazakhstan to be commissioned in 2024. The brand new renewable power facility may have a capability of as much as 155 MW and is predicted to scale back CO2 emissions by round 520,000 tons yearly.
Within the Kingdom of Saudi Arabia, ERG is concentrated on adopting a technological management place by trade partnerships, with the Kingdom serving as a strategic base for a sophisticated, high-impact hub to sustainably meet mineral demand. ERG intends to expedite early-stage exploration within the Kingdom to assist meet the surging demand for battery metals, by deploying progressive and sustainable exploration applied sciences by its Expertise Intelligence division.
In Africa, ERG mines and produces copper and cobalt hydroxide within the Democratic Republic of the Congo and is the world’s second largest standalone cobalt producer. The Group has additional growth initiatives in thermal coal, manganese, platinum, bauxite and fluorspar in South Africa, Zimbabwe, Mali and Mozambique. ERG controls its personal provide chain on the continent by its logistics firm SABOT.
Within the State of Bahia in Brazil, ERG is pioneering an built-in mining and logistics challenge comprising the Pedra de Ferro iron ore mine, the Porto Sul deep-water port and the related new FIOL broad-gauge railway.
ERG is a Strategic Companion Affiliate of the World Financial Discussion board and a founding member of the International Battery Alliance (GBA) which is devoted to establishing a sustainable and accountable world provide chain for the lithium-ion batteries that may energy the Fourth Industrial Revolution and a low carbon financial system by cell units, electrical autos and renewable power methods. Since its institution in 2017, the GBA has grown right into a partnership with of greater than 130 companies, governments, teachers, trade actors, worldwide and non-governmental organisation.
ERG can also be a co-founder of the Re|Supply initiative, working along with CMOC, Glencore, Umicore and Tesla. The initiative makes use of blockchain to trace cobalt and different battery supplies in actual working situations from the mine to an electrical automobile.
www.eurasianresources.lu
Eurasian Assets Group
ERG Arabia Ltd
7534 King Abdulaziz Rd
PO Field 4672, Riyadh 13311
Kingdom of Saudi Arabia
