Taif Mayor Eng. Abdullah Al Zaidi signs a community partnership agreement with the Golden Compass Company, Eng.Meshary AlAli
This agreement aims to support and develop the local community by providing initiatives that contribute to serving it and supporting the economy by creating opportunities New work in line with the Kingdom’s Vision 2030
In the presence of Prince Saud bin Mishal bin Abdulaziz Al Saud, Deputy Emir of the Makkah Al-Mukarramah Region, and His Excellency the Minister of Industry and Mineral Resources, Bandar Al Khareef; The Geological Survey celebrates the 25th anniversary of its founding and the launch of its new identity.
We are pleased to announce the signing of a joint venture agreement between Golden Compass and SGS– the world’s leading testing, inspection and certification company., to open and operate a new geochemical laboratory in Saudi Arabia. This laboratory will provide sample preparation and geochemical analysis for the country’s mining and metals industry.
Saudi Arabia is committed to the development of the mining and minerals industry, as part of its Vision 2030. The country is home to a largely unexplored landmass, with geological resources estimated to exceed USD 2.5 trillion. More than 48 minerals have been identified, including base metals, precious metals, industrial metals and rare earth elements.
Our new commercial laboratory will support the country’s growing mining ambitions and ensure that local explorers and mining operators have access to world class testing services. The joint venture will maximize the strengths of SGS’s analytical experience and our services across the mining lifecycle, in addition to Golden Compass’s mining operations and drilling and exploration consultancy services.
“We are excited to build on SGS’s established presence in Saudi Arabia by adding geochemistry services, especially at a time when there is significant growth in the mining and minerals industry. Together with our joint venture partner, we look forward to helping exploration and mining companies identify, quantify and realize the full potential of their mineral deposits.” Lawrence Ng, Global Vice President, Geochemistry at SGS.
The new commercial laboratory, operated by SGS experts, will be located in Jeddah. It is expected to open in Q4 2024 and will provide:
This laboratory will have the latest equipment and follow our strict quality assurance and quality control standards to maintain the same high level of analysis expected of SGS worldwide.
Commenting on the agreement, Meshary AlAli AlDehashi, CEO of Golden Compass, said: “This investment will contribute to achieving SGS – Golden Compass investment goals to support and enhance local content by localizing some mining services.
“This will help realize the goals of Saudi Vision 2030, which focuses on transforming the kingdom into a major mining hub.”
Our geochemistry team is ready to provide tailored solutions to meet our clients’ needs. Our full range of services adhere to SGS’ trusted methodologies and high-quality control standards. With more than 500 commercial, mobile and onsite laboratories around the world, as well as a team of geological and metallurgy experts, we support you through the value chain to ensure you get the most value from your deposit.
This strategic partnership, facilitated by Austrade, represents a significant advancement for CR Powered by Epiroc in meeting the increasing demands of Saudi Arabia’s dynamic mining industry.
Eng Meshary Al-Ali, Chairman of Rasi Investment Co., stated, “Partnering with CR Powered by Epiroc, the leading supplier of ground engagement tools (GET) and digital solutions, enables our mining operators in the Kingdom to source application-appropriate tools While considering engineering, manufacturing, and supply chain variables. This collaboration will help reduce downtime and increase productivity by at least five percent.”
As Saudi Arabia ramps up its adoption of advanced mining technologies, the heavy equipment market is projected to exceed $4 billion. The Kingdom is actively seeking to tap into its untapped mineral reserves, which have surged from a 2016 estimate of $1.3 trillion to $2.5 trillion, according to Minister of Industry and Mineral Resources, Bandar Al Khorayef. These reserves include essential resources such as copper, gold, phosphates, zinc, and uranium, underscoring the need for cutting-edge mining equipment and digital solutions.
In alignment with Saudi Vision 2030, the country’s comprehensive roadmap for economic development and diversification, the mining sector has been identified as the third pillar of the Kingdom’s economy, alongside petroleum and petrochemicals. By 2030, the sector is expected to contribute 240 billion Saudi riyals to the GDP, marking a fourfold increase from 2015 levels.
Chairman Eng. Meshary, also the CEO of Golden Compass, one of the leading mining service companies in Saudi Arabia, emphasized the importance of this alliance. “By choosing a trusted partner like CR Powered by Epiroc, we are establishing a robust alliance that will ensure our products perform at their peak in the Kingdom, leveraging GET and digital solutions to generate valuable data that underpins new insights and enhances mining operations.”
Paul Scutt, CEO of CR Powered by Epiroc, remarked, “We are excited to announce this partnership with Rasi Investment Co. as our authorized dealer in Saudi Arabia. This agreement is a critical milestone for CR Power by Epiroc as we expand into key regions vital to the future of mining in the Middle East and globally. Rasi Investment Co.’s extensive local market knowledge, combined with our cutting-edge technology, will allow us to deliver exceptional value to our customers. We look forward to a successful collaboration that drives innovation and efficiency in the global mining industry.”
Miguel Guimaraes, Head of East Australasia and India of CR Powered by Epiroc, added, “This alliance with Rasi Investment Co. Establishes a strong footprint in the Kingdom with a trusted local partner well-established in the mining sector. Our proactive collaboration is a step forward toward realizing Saudi Vision 2030, supporting local industrial development, creating jobs, boosting productivity in mining projects, and reinforcing the mining sector’s role as the economy’s third pillar.”
David Shao, Global Engagement Manager at Austrade, highlighted the international reputation of Australia’s Mining Equipment, Technology, and Services (METS) sector, saying: “Saudi Arabia is an important trading partner for Australia. Two-way goods and services trade totaled $2.7 billion in 2023. As the mining sector in Saudi Arabia develops, there are opportunities for enhanced safety and productivity through closer economic ties with Australia, a recognized leader in the METS sector.”
The Vice Chairman of the National Mining Committee, Eng. Meshary AlAli :
Saudi Arabia is the ideal country for investment in the mining sector over the next hundred years
Watch the full interview at Al Arabiya FM YouTube :
Saudi Arabia Refineries Company (the “Company”) announces that it has signed a non-binding memorandum of understanding (“MoU”) to acquire all shares of the shareholders in the Golden Compass Mining Services Company (together the “Shareholders”).
The MoU between the Company and the Golden Compass Mining Services Company is in connection with a share swap transaction of the Golden Compass Mining Services Company shares held by the Shareholders in exchange for the issuance of new shares in the Company to them by way of capital increase (the “Proposed Transaction”).
The parties have agreed on an initial valuation. The final value of the proposed transaction will be determined after completing the necessary studies and the due diligence process.
The MoU shall be effective from the date it is executed between the parties and shall be valid for (90) days unless otherwise agreed by the parties in writing.
Source: Saudi Exchange
Saudi Arabia has recorded significant progress in the global assessment of investment risks in the mining sector issued by MineHutte, achieving the fastest global growth in the development of the regulatory and basic environment attractive to investments during the last 5 years.. More analysis with Eng. Meshary AlAli AlDeheshi, Chairman of Rasi Investment Company and CEO of Golden Compass Mining Services Company.
Watch the full interview on Bloomberg
Surefire Resources NL (“Surefire” or “the Company”) is pleased to announce that following its engagement into the Kingdom of Saudi Arabia (“KSA”) it has received additional interest from other KSA based companies and has now signed a second non-binding Memorandum of Understanding (“MOU”) with the RASI Investment company (“RASI”) in relation to investment and participation in the development of the Company’s 100% owned Victory Bore Vanadium Project (“Victory Bore Project” or “Project”).
RASI is based in the Kingdom of Saudi Arabia and invests in companies that have effective projects with high revenue. They have established a new fund specifically for investing in overseas projects and currently invest in the Mining and Mining trading, manufacturing, and laboratory areas, which are all key economic growth sectors in the Kingdom’s “VISION 2030” as they transition away from dependence on oil and gas.
The signing of the MOU with RASI further develops the Company’s business plan to engage with Saudi partners to develop the Victory Bore vanadium project and follows the signing of the MOU with Ajlan & Bros. Mining and Metals for Joint venture (“Ajlan”). RASI brings a wealth of experience in the Mining sector in KSA and investment capability. The MOU allows for the parties to negotiate binding agreements relating to investment, co-participation, and offtake.
High purity vanadium pentoxide, Ferrovanadium, Pig iron, High-grade iron ore, High purity iron oxide pigment and Titanium slag.
Mr. Paul Burton, Surefire Resources Managing Director said “This is another important step for the Company in its approach to developing the Victory Bore Project. This MOU will be worked through concurrently and further announcements will be provided once matters progress with RASI.”
“We look forward to working closely with RASI along with our work with Ajlan” he added.
Commenting on the agreement, Meshary AlAli AlDehashi, Chairman of Rasi Investment Co. said “this MOU for investment will contribute to achieving SUREFIRE – RASI goals to support and enhance local content by localizing some mining services”.
“This will help realize the goals of Saudi Vision 2030, which focuses on transforming the Kingdom into
a major mining hub,” he added.
Surefires’ Victory Bore Vanadium Project is one of the largest vanadium projects in Western Australia and the Company has a development plan to mine and beneficiate the ore to produce a magnetite concentrate and to then process this in Saudi Arabia taking advantage of the lower operating and capital costs, and other incentives.
The Company recently completed a Pre-Feasibility Study (“PFS”) with exceptional results. The Company used current commodity prices and current utility costs for the PFS, and even with using a conservative 10% discount rate, has achieved a very robust internal rate of return of 42%.
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