During a visit to Shanghai, the Kingdom's minister of industry and natural resources had bilateral discussions with key mining businesses in an effort to enhance economic ties between Saudi Arabia and China. During his discussion, Bandar Alkhorayef met with Yuan Honglin, chairman of CMOC Group, to discuss prospective opportunities in the natural resources industry. The meeting discussed the use of acquired experience in mining and processing, such as smelting and refining of both important and uncommon metals.
Alkhorayef also discussed several aspects of the iron and steel sector with Wang Ming, a senior official from Baosteel. In addition, the minister held a series of meetings in the Chinese city, where he met with the CEOs of Kingfa, CATL, Liaoning Fangda Group, and China Gas.
In addition to discussing areas of cooperation, these conversations focused on enhancing industry and mining collaboration, exchanging experiences between private sector organizations, and opinions on how the sectors in both countries are developing, as per Arab news.
CMOC, formerly China Molybdenum Company Limited, is the largest molybdenum producer in Mainland China and one of the world's major companies in the area. It is traded on the Hong Kong and Shanghai stock exchanges.
It is also one of the world's top tungsten producers, the second greatest producer of cobalt and niobium, and the world's leading copper producer. The company's headquarters are in Luanchuan County, adjacent to the Henan city of Luoyang. They are ranked 74th in the Fortune China Top 500 as of 2022.