During a bilateral meeting with the minister of investment and the minister of mining from Saudi Arabia, Brazil’s minister of mines and energy, Bento Albuquerque Silveira, underscored the indispensable nature of investments for Brazil in energy transition. Silveira emphasized that Brazil possesses a wealth of mineral potential, natural resources, and critical minerals, which are vital for the energy transition.

Silveira conveyed that he had fervently discussed the energy transition with the Saudi officials, and they expressed a keen interest in investing in the energy and mining sectors in Brazil, acknowledging the country’s prominence in rare earths, a crucial component for energy transition.

Historically, Brazil is renowned for its territorial expanse and natural riches, and this collaboration aims to capitalize on these advantages.

In 2023, Manara Minerals, a joint venture between the Saudi state mining company Ma’aden and the Public Investment Fund, made a significant move by acquiring a 10% stake in Vale Base Metals, the basic metals subsidiary of the Brazilian company, for a staggering $3 billion. This marked a significant milestone in the partnership between the two countries.

It is worth noting that Saudi Arabia has also been proactive in bolstering its mining relationships with other countries, having recently forged memorandums of understanding with Egypt, Russia, Morocco, and the Democratic Republic of Congo. Furthermore, the country unveiled a $182 million mineral exploration incentive program as part of its sustained efforts to diversify its economy away from its heavy reliance on oil. With vast reserves of phosphate, gold, copper, and bauxite, the Kingdom is diligently working to build a more resilient economy.