Reuters: Maaden to open office in Brazil, invest $1.3 billion

Reuters quoted Brazilian Mining Minister Alexandre Silveira on Tuesday as saying that the Saudi Arabian Mining Company Maaden intends to open its first office in Sao Paulo.

Silveira, who is currently in Riyadh, confirmed that the initiative includes investing $1.31 billion to develop geological mapping in Brazil.

He added: “We need to know more about our subsoil… and partner with the Brazilian mining sector so that we can explore and benefit from the subsoil in a sustainable and appropriate way,” stressing that mining, along with oil and gas, is important in the global energy transition.