Latest news with #Taadeen
Zawya
a day ago
- Business
- Zawya
Omani fund replaces Russia's Alrosa in Angolan diamond miner Catoca
A subsidiary of Oman's sovereign wealth fund has replaced sanctions-hit Russian firm Alrosa as a shareholder in Angola's state-controlled diamond miner Catoca, according to the shareholder structure on Catoca's website. Angola had been under pressure to cease its long-standing partnership with the Russian state-controlled Alrosa, the world's largest producer of rough diamonds by volume, since 2022 when the West imposed sanctions on Alrosa for Moscow's role in the conflict in Ukraine. Catoca's shareholder structure showed that Endiama EP, Angola's national diamond company, owns 59% of Catoca, with Taadeen holding the remaining 41%, which used to be held by Alrosa. The Oman Investment Authority did not immediately respond to a request for comment. Alrosa confirmed that it had exited the shareholding, but provided no further details. Angola's Ministry of Mineral Resources, Oil and Gas, said the deal had been formalised on May 26. In November, Angola said having sanctions-hit Alrosa as a shareholder in the Angolan diamond miner was affecting "Angola's credibility in the international diamond market". (Reporting by Anastasia Lyrchikova and Alexander Marrow; editing by Barbara Lewis)
Arab News
19-02-2025
- Business
- Arab News
Saudi Arabia shortlists 30 firms for 22 quarry licenses in Eastern Province, Tabuk
JEDDAH: Saudi Arabia has shortlisted 30 companies for 22 mining licenses to extract sand and gravel in the Eastern Province and Tabuk, advancing its mining sector expansion and economic diversification. The Ministry of Industry and Mineral Resources said the permits cover Northwest Salwa Western Complex, Al-Masna Crushers Complex, and South Wadi Amq Complex. The process, which received 49 applications, marks another step in Saudi Arabia's push to develop mining as a third pillar of its industrial base, alongside oil and petrochemicals, with efforts ongoing to tap into the Kingdom's estimated $2.5 trillion of mineral wealth. In the Eastern Province, three companies — Saleh Abdul Aziz Al Rashid and Sons Co., Sana Al Sharqiya Contracting Co., and Asas Al Muasim Contracting Co. — have been prequalified for sand extraction at Northwest Salwa Western Complex. For gravel mining at Al-Masna Crushers Complex, northeast of Hafar Al-Batin, the contenders include Saleh Abdul Aziz Al Rashid and Sons Co., Sana Al Sharqiya Contracting Co., and Al-Yamamah Co. for Commercial Works and Contracting. Meanwhile, 24 companies will compete for gravel extraction rights at South Wadi Amq Complex in Tabuk, including Tabuk Modern Contracting Co., Mega Co., and Suleiman bin Saleh Al Muhailib Mining Co. In December, the Taadeen platform introduced a competitive bidding process to secure a stable domestic supply of essential construction materials. A month earlier, the ministry awarded 11 mining exploration permits covering 850 sq. km across Riyadh, Makkah, and Asir, with one national company and five alliances of 10 local and international firms securing rights. The ministry stressed that these efforts are crucial to maximizing the value of Saudi Arabia's mineral resources and establishing mining as a key pillar of the Kingdom's economic future. The news of the shortlist came in the same week as it was announced nearly SR29 billion ($7.7 billion) in investments is being directed toward the city of Wa'ad Al-Shamal as it aims to become a major hub for the Kingdom's mining industry. The vast majority of the funding — SR28 billion — is for the launch of Ma'aden's Phosphate 3 project, backed by the Shareek program. This initiative is set to increase Saudi Arabia's phosphate production capacity to 9 million tonnes annually, building upon the existing Phosphate 1 and Phosphate 2 projects, which each produce 3 million tonnes.
