Brazil, Saudi Arabia ink cooperation agreement

Brazil and Saudi Arabia yesterday signed a new memorandum of understanding that places mineral cooperation at the center of a warming bilateral relationship, adding another layer to the kingdom’s growing presence in emerging markets and strengthening ties between two countries already linked by 2024’s expansion of the BRICS alliance.

The agreement, signed in Riyadh by Brazil’s Mines and Energy Minister Alexandre Silveira and Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef, will remain in force for five years. 

The Saudis signed similar agreements with Canada and Chile during the same event. As our LatAm Report explained in August 2024, the kingdom has set its sights on South America’s vast mineral wealth as it ramps up efforts to reduce its reliance on fossil fuels and secure the resources needed to transition into a low-carbon economy, as part of its Vision 2030 project.