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.