Minister of Mines and Minerals Development, Paul Kabuswe, and Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, have signed a Memorandum of Understanding (MoU) of Cooperation in mineral resources in the mining Sector.
The MoU was signed in Riyadh, Saudi Arabia, on January 14, 2024, on the sidelines of the 2025 Future Minerals Forum running from 14th to 16th January.
In a statement issued to RCV News by the Zambian Embassy in Saudi Arabia today, 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.
The MoU also seeks to promote the exchange of knowledge, expertise, and best practices.
And speaking after the signing ceremony, Mr. Kabuswe indicated that the MoU unlocks new opportunities for investment and growth in the mining sector, leveraging Saudi Arabia’s expertise to develop Zambia’s rich mineral endowment sustainably.
Meanwhile, Mr. Al-Khorayef stated that the government of Saudi Arabia is pleased to partner with Zambia to build a robust and sustainable future for the mining industry, driving economic growth for both nations through collaboration and knowledge sharing.
“The agreement underscores the commitment of 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,” said Mr. Khorayef.
He said 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.
By Margaret Mwanza
