Zambia and the Kingdom of Saudi Arabia have signed a Memorandum of Understanding (MoU) on cooperation in mineral resources in the mining sector.
Minister of Mines and Minerals Development, Paul Kabuswe, signed on behalf of Zambia while Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef, signed on behalf of his country.
According to a statement issued to ZANIS by the Embassy of Zambia in Riyadh, Kingdom of Saudi Arabia, this was on the sidelines of the ongoing 2025 future minerals forum in Riyadh, Kingdom of Saudi Arabia, on January 14th, 2024.
Speaking after the signing ceremony, Mr Kabuswe indicated that the MoU unlocks new opportunities for investment and growth in the mining sector.
The Minister of Mines and Minerals Development added that this allows for Zambia to leverage on Saudi Arabia’s expertise to develop the country’s rich mineral endowment sustainably.
“The MoU aims to foster collaboration between the two nations across the mineral resources value chain, including potential joint ventures in exploration, mining, processing, and development of human capital. It also seeks to promote the exchange of knowledge, expertise, and best practices,” the statement read in part.
Meanwhile, Mr Al-Khorayef stated that his government was pleased to partner with Zambia to build a robust and sustainable future for the mining industry.
He noted that this will drive economic growth for both nations, through collaboration and knowledge sharing.
The statement went on to read that the agreement underscored the commitment from both countries to responsible resource development in a time of increasing global demand for critical minerals and highlights Zambia’s proactive approach to forging international partnerships for the sustainable development of its mining industry.
It added that the MoU signifies a significant step towards strengthening bilateral relations and building a prosperous future for the mining industries of both Zambia and Saudi Arabia.
