DUBAI, September 29 (Reuters) – Saudi Arabia Mining Co (Ma & # 39; aden) on Sunday appointed Governor of the Public Investment Fund (PIF) Yasser al-Rumayyana as president and said former energy minister Khalid al-Falih has resigned from the function of a representative of the MFI on its board.
This move only appears a few weeks after Rumayyan replaced Falih as president of the state-owned oil company Aramco.
Rumayyan also replaced Faliha, who was the non-executive director of the Ma'aden council, the company said in a statement.
Falih was replaced as the Minister of Energy by the son of King of Saudi Arabia, Prince Abdulaziz bin Salman.
Falih oversaw more than half of Saudi Arabia's economy through a super-ministry that was created in 2016 to facilitate new reforms.
However, despite ambitious plans for industry and mining, the sectors have seen relatively little development.
Ma'aden, in which PIF holds shares, in June recommended the conversion of USD 796.4 million of debt owed to PIF into shares after the transfer of that debt from Ma'aden Rolling Co.
1 USD = 3.7515 rials
Reporting by Tuqa Khalid; editing: Jason Neely