Power Metal Resources, a publicly traded company with operations in North America, Africa and Australia, has signed a non-binding memorandum of understanding (MoU) with Saudi Arabia’s Ministry of Investment and Mineral Resources (MISA) to explore the possibility of joint business collaboration efforts to identify and implement High value-added investment opportunities to help maximize benefits from the country’s natural resources.
The signing ceremony took place recently at the Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of Minister of Industry and Mineral Resources Bandar Alkhorayef and other dignitaries.
MISA’s objectives are to support investment in exploration activities, develop upstream and downstream projects targeting a variety of strategic minerals, and attract reputable domestic and foreign mining and mineral development companies to advance the commercialization of Saudi Arabia’s mineral resources.
MISA and Power Metal hope to complement each other’s activities by establishing a mutually beneficial relationship to pursue suitable exploration opportunities in Saudi Arabia.
The Company will provide technical support for potential exploration projects and MISA will provide project opportunities and potential support for such projects at its discretion.
“We are honored to partner with the Saudi Arabian Ministry of Industry and Mineral Resources. This MoU is a sign of our commitment to exploration in the Kingdom and paves the way for us to explore exciting opportunities in one of the most resource-rich countries in the world. the way.
Sean Wade, CEO of Power Metal, said: “We look forward to working closely with the ministry to contribute to the Kingdom’s Vision 2030 and diversify the economy through the development of a sustainable mining industry.”
