US-based investment firm Cove Capital LLC has partnered with Saudi industrial conglomerate Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company (AHQ) to jointly develop critical minerals assets globally. A memorandum of understanding (MOU) was signed on Thursday, establishing a framework for collaboration aimed at identifying, acquiring, financing, and operating critical minerals projects.
This partnership aligns with Saudi Arabia’s Vision 2030 objectives, emphasizing the expansion of its mining sector and localization of industrial capacity, while also supporting US initiatives to strengthen domestic supply chains for critical minerals essential for national defense and economic resilience. The firms plan to explore joint ventures, develop refining and processing capacities, and potentially establish a dedicated investment fund for strategic mining assets.
The parties aim to engage in diversified financing, including participation from Saudi institutional capital and US development finance institutions. Key initiatives will be overseen by a joint steering committee to coordinate efforts and implement specific projects through definitive agreements.
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