Power Metal signs non-binding MoU with Saudi Arabia

Power Metal Resources plc has agreed a non-binding memorandum of understanding with Saudi Arabia for potential exploration projects in the country.

TECHNICAL

The MoU was signed with the Ministry of Investment of the Kingdom of Saudi Arabia (MISA) at the recent Future Minerals Forum in Riyadh.

Both parties will explore the possibility of a joint collaboration for “high value-added” investment opportunities in the country’s natural resources.

Power Metal will offer experienced technical support and MISA will provide project opportunities and potential support.

The MoU follows the company’s consulting agreement in July 2023 with Jasper Consult DMCC, potentially to build a new exploration asset base in Saudi Arabia and Oman.

Power Metal chief executive officer Sean Wade today said that the company was honoured to be a partner with MISA.

“This MoU is indicative of our commitment to exploration in the kingdom, and it paves the way for us to explore exciting opportunities in one of the world’s most resource-rich countries.

“We look forward to working closely with the ministry and contributing to the kingdom’s Vision 2030 and the diversification of its economy through the development of a sustainable mining sector.”

The MoU was signed in the presence of the minister of industry and mineral resources, His Excellency Bandar Alkhorayef, and other dignitaries.

MISA aims to support investment in exploration activities, develop upstream and downstream projects targeting strategic minerals, and attract national and international mining and mineral development companies to commercialise Saudi Arabia’s mineral resources.