September 29, 2019 / 8:33 AM / 20 days ago

Saudi miner Ma'aden appoints PIF head as new chairman, Falih resigns as director

DUBAI, Sept 29 (Reuters) - Saudi Arabian Mining Co (Ma’aden) on Sunday named Public Investment Fund (PIF) Governor Yasser al-Rumayyan as chairman and said former energy minister Khalid al-Falih had resigned as PIF representative on its board.

The move comes just weeks after Rumayyan replaced Falih as chairman of state oil company Aramco.

Rumayyan also replaced Falih, who was a non-executive director on Ma’aden’s board, the company said in a statement.

Falih was replaced as energy minister by Saudi King Salman’s son, Prince Abdulaziz bin Salman.

Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms.

But despite ambitious plans for industry and mining, the sectors have seen relatively little development.

Ma’aden, in which PIF holds a stake, in June recommended converting $796.4 million in debt owed to PIF into shares following the transfer of that debt from Ma’aden Rolling Co.

$1 = 3.7515 riyals Reporting by Tuqa Khalid; editing by Jason Neely

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