Platinum Group Metals Ltd. press release

Saudi Arabia's Mining Sector Set for Major Leap: Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) Targets New Growth with PGM Smelter Deal

2024-10-17

TSX - Toronto Stock Exchange · Platinum · Palladium · Rhodium · Gold · Copper · Nickel · Canada · Partnerships & JVs

Saudi Arabia’s Mining Sector Set for Major Leap: Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) Targets New Growth with PGM Smelter Deal

Saudi Arabia aims to increase its mining sector’s contribution to the economy from $17 billion today to $75 billion by 2035, as part of its Vision 2030 initiative. Platinum Group Metals Ltd. has entered a cooperation agreement with Ajlan & Bros Mining and Metals Co. to explore the establishment of a platinum group metals smelter and base metals refinery in Saudi Arabia. The agreement includes a global market study, a definitive feasibility study and the potential formation of a 50:50 joint venture for project development.

A new, potentially enormous force is sweeping the mining industry. Gulf countries, desperate to diversify away from fossil fuels, are rerouting petrodollars to acquire vital minerals required to produce clean energy. Chief among these nations is Saudi Arabia, which aims for its mining sector to contribute $75 billion to its economy by 2035, up from just $17 billion today, according to the Financial Post (https://ibn.fm/285gC). The area has enormous potential to grow a strong mining sector with lofty goals that, if met, could completely change the face of the economy.

The transition to mining seems like a sensible move to guarantee a consistent supply of raw materials in the face of hydrocarbon’s unpredictable future, since Gulf countries earn about $400 billion in...

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