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Saudi mining group Ma’aden appoints PIF chief as new chairman

Published: Updated:

Saudi Arabian Mining Company (Ma’aden) said on Sunday that Yasir al-Rumayyan has been named as the new chairman of the board.

Ma’aden added that al-Rumayyan has also been appointed as the Public Investment Fund’s (PIF) representative on the board, replacing former energy minister Khalid al-Falih.

Al-Rumayyan is best known as the governor of the Kingdom’s sovereign wealth fund, the PIF, and recently replaced al-Falih as chairman of state energy giant Aramco.

Al-Falih, who had headed up the giant Ministry of Energy, Industry and Mineral Resources, was replaced earlier this month by Prince Abdulaziz bin Salman as Minister of Energy.

In a statement, Ma’aden’s Board of Directors expressed its thanks and gratitude to al-Falih for his contributions and efforts to the company during his tenure on the board.

The PIF is a 65.43 percent shareholder in Ma’aden, following an increase in ownership in June 2018.