A major US-Saudi mining investment program is shifting its focus to Iran’s reconstruction. During Trump’s visit to Riyadh last year, the US investment firm Burkhan World signed a $9 billion MOU with the Saudi mining firm Grand Mines, aimed at strengthening Saudi access to critical mineral supply chains. Originally, the intent was to acquire mines in sub-Saharan Africa and send the minerals to new refineries in Saudi Arabia for processing.
Now, the fund has turned its gaze to Central Asia — specifically to mineral supplies from Kazakhstan and Pakistan that could be useful for the postwar reconstruction of Iran, Burkhan CEO Shahal Khan told Semafor. The deal “completely changed into something much larger because of the war,” he said, adding the Saudi government “wants to give Iran the ability to fully function outside of sanctions and be able to rebuild its economy.” Bandar Alkhorayef, the Saudi mining minister, touted the prospects for joint ventures with Kazakhstan during a visit there this week.
Khan’s pivot is well-timed, coming at the same moment the US-Iran deal introduces a $300 billion fund to support Iran’s reconstruction. “The Saudi deal we have is now geopolitically even more important,” Khan said. “[It] allowed us to negotiate with other parties for minerals that we didn’t plan for originally.”