Critical Resource appoints two new members to Senior Advisory Panel
Energy and mining advisory firm Critical Resource has announced the appointment of two new industry leaders to its Senior Advisory Panel: Simon Thompson and Evy Hambro.
“Today Critical Resource is delighted to announce two new members of its Senior Advisory Panel, bringing together eminent figures from industry, finance, global development, the media, and academia to address sustainability and ‘license to operate’ challenges facing the energy and mining sectors,” the company said.
Hambro joins due to her experience as the Chief Investment Officer and Managing Director of the Natural Resources Equity team at BlackRock, renowned as being one of the world’s leading resources investors.
Thompson meanwhile is set to become the Chairman of Rio Tinto commencing March 2018, having previously held senior positions in Tullow Oil, Newmont Mining and Anglo American.
The announcement comes amid a growing level of recognition on issues including climate change and human rights within these industries, with the pair having been brought in to provide improved guidance on social responsibility.
“We are delighted to have attracted such an eminent and globally-respected group of individuals to join our Panel,” said Critical Resource’s Managing Director and Founder, Daniel Litvin.
“At a time when companies are facing growing challenges in managing issues as diverse and complex as climate change, resource nationalism, and corruption, their commitment reflects the growing recognition within and beyond the industry of the need for companies to tackle these risks in a highly proactive, strategic and responsible way.”
Ma'aden celebrates 5th anniversary of Vision 2030
Saudi Arabian Mining Company (Ma’aden), one of the world’s fastest-growing global mining companies, celebrates the fifth anniversary of Saudi Arabia’s Vision 2030. The Kingdom’s mining champion highlights key achievements since the Vision 2030 launch and plans that reflect its commitment to the Kingdom’s social and economic development.
The Kingdom has implemented significant incentive programs and announced major reforms in the last five years to accelerate the development of the mining industry as a strategic pillar of the Saudi economy, including the recently launched mining investment law to attract investors and pave the way for the full utilisation of Saudi Arabia’s mineral resources, which are estimated to be worth more than $1.3trn. This goes in line with the objectives of the National Industrial Development and Logistics Program (NIDLP), one of the most important programs for achieving Vision 2030.
Ma’aden has kept its projects across a range of commodities moving on a strong growth trajectory since 2016. The company has expanded its investment portfolio, refinanced key projects, and made its first international acquisition, laying the foundation for future growth and new investment opportunities in the Saudi mining industry. Despite some challenges in 2020 due to COVID-19, Ma’aden managed to maintain its agility and remained focused on its goal to become a global Saudi mining giant, while adhering to the highest standards of health, safety, and environment.
Located on the east coast of Saudi Arabia, Ras Al-Khair Industrial City jumpstarted the mining industry development in Saudi Arabia, leveraging the country’s strategic location in connecting three continents. In November 2016, Ras Al-Khair Industrial City was further expanded and connected via railway to Ma’aden’s bauxite mine in Qassim and phosphate mine in Al Jalamid, making it a cornerstone of the Kingdom’s mineral and metal production and export industries.
Ma’aden’s integrated ‘mine to market’ aluminium value chain is the largest in the Middle East and one of the largest in the world, with investments over $11bn. Aluminium products of the highest international standards are sold to both domestic and global markets, encouraging the development of additional downstream aluminium-based industries in Saudi Arabia and neighboring countries. Operations are centered around the largest and most efficient vertically integrated aluminium complex in the world, in Ras Al Khair Industrial City, which also houses sulfur and phosphate production facilities.
Intending to capture the full value of Saudi Arabia’s significant phosphate reserves and develop new mining and mineral activities, in 2018, Ma’aden celebrated the inauguration of the industrial city of Wa’ad Al Shamal by the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz. Wa’ad Al Shamal is a world-class industrial and mining city in the Northern Borders region of Saudi Arabia. This phosphate super hub will continue to grow with Ma’aden’s latest phosphate megaproject, which is primed to increase phosphate fertilizer capacity to reach 6 million tonnes, making Ma’aden the world’s third-largest producer of phosphate fertilizer and Saudi Arabia the second largest global exporter.
In 2018, Ma’aden also acquired an 85% stake in Meridian, the Mauritius-based fertilizer distribution group, strengthening its position as one of the world’s largest producers and exporters of phosphate fertilizers. This acquisition marked Ma’aden’s first investment outside the Kingdom, in line with the company’s goal to expand globally and significantly contribute to the Kingdom's Vision 2030.
In 2019, Ma’aden commenced construction of the Mansourah and Massarah gold mine, the company’s largest-ever gold project and the Kingdom’s first project to utilize solar power as an energy source. Once operational, the mine and its processing facilities will have a key role in achieving Ma’aden’s target of producing 1 million ounces of gold per year by 2025.
These accomplishments are all due to the steppingstones set by the Saudi Vision 2030, which laid the foundations for creating an attractive environment for local and foreign investments in promising growth sectors and unlocking new ones, in addition to developing remote areas, bringing technologies and knowledge to the Kingdom, establishing specialized and modern industrial cities, and generating diverse job opportunities for Saudi nationals.