Cassius Mining has signed a memorandum of understanding (MoU) with Segia Gulf Group to expedite critical minerals exploration in Saudi Arabia. This move aligns with Saudi Arabia’s ‘Vision 2030’ initiative, aimed at unlocking the Kingdom’s extensive mineral resources through enhanced exploration efforts.
The MoU sets the stage for a forthcoming joint venture between Cassius Mining and Segia Gulf Group, with each company poised to hold a 50% stake. Cassius will seek exploration incentives from the Ministry of Industry and Mineral Resources (MIMR) as the international partner, which will help offset various exploration costs.
Under the agreement, Segia will support Cassius in securing funding by introducing potential financial investors crucial for advancing projects under the joint venture. The focus will be on obtaining exploration licenses for gold and copper, though other critical minerals of interest will also be considered.
Cassius Mining CEO James Arkoudis expressed appreciation for the strong support received from key stakeholders in the Kingdom. “Our partnerships and guidance have been instrumental in securing the MoU with Segia,” Arkoudis said. “We look forward to continuing and strengthening our relationships with the consulate in Sydney and MIMR in Riyadh.”
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