BRICS expansion?

Author

Jay Lutz
May 29, 2023

Saudi Arabia negotiating entry to BRICS bank

The Shanghai-based New Development Bank (NDB), sometimes known as the “BRICS bank,” is in negotiations with Saudi Arabia about becoming its ninth member, a move that would enhance its funding alternatives as founding shareholder Russia suffers under the impact of sanctions.

The accession of the kingdom would strengthen connections between the bank, which was founded as an alternative to western-led Bretton Woods institutions by the world’s top developing economies, and the world’s second-largest oil producer.

“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” said the New Development Bank in a statement.

You can read more on the matter here.

West Red Lake Gold Mines is a mineral exploration company that is dedicated to discovering new gold mines in the highly productive Red Lake Gold District of Northwest Ontario, Canada. This district has yielded 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

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