Aim-listed Power Metal Resources, which has a presence in North America, Africa and Australia, has signed a nonbinding memorandum of understanding (MoU) with the Ministry of Investment and Mineral Resources of Saudi Arabia (MISA) to explore the possibility of joint collaboration efforts toward the identification and realisation of high value-added investment opportunities that will contribute towards maximising the benefits from the country’s natural resources.

The signing ceremony took place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of Minister of Industry and Mineral Resources Bandar Alkhorayef, and other dignitaries.

MISA’s objective is said to be supporting investment in exploration activities, developing upstream and downstream projects targeting multiple strategic minerals, and attracting reputed national and international mining and mineral development companies to drive the commercialisation of Saudi Arabia’s mineral resources.

MISA and Power Metal are looking to complement the activities of each other through establishing a mutually beneficial relationship to pursue suitable exploration opportunities in Saudi Arabia.

The company will offer technical support to potential exploration projects, and MISA will provide project opportunities and potential support for such projects as applicable.

“We are honoured to partner with the Ministry of Industry and Mineral Resources of Saudi Arabia. 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,” says Power Metal CEO Sean Wade.