São Paulo, January 12th (Argus) - The Brazilian Ministry of Mines and Energy (MME) announced on Monday that the Brazilian Ministry of Mines and Energy and the Saudi Arabian Ministry of Industry and Mineral Resources will establish a working group to focus on key minerals and strategic cooperation in this field.
Brazilian Minister Alexandre Silveira and Saudi Minister Bandar Al-Khorayef met in Riyadh, Saudi Arabia, to discuss bilateral cooperation in the mining sector. Silveira also requested that the Saudi Public Investment Fund provide support for projects to map the mineral potential of Brazil.
Silveira aims to streamline iron ore and copper mine projects in the northern part of Pará State and the southeast of Minas Gerais State. The minister is also seeking to attract investment from the Saudi fund Manara Minerals to develop new mining assets in Brazil. Manara Minerals is one of the main partners of Brazilian iron ore giant Vale.
The MME stated that Brazil has the world's second-largest reserves of rare earths and the seventh-largest reserves of uranium, but the country has only mapped 30% of its underground territory.
