Riyadh to Host Third Edition of Int’l Future Minerals Forum

The Second Edition Future Minerals Forum in 2022 (SPA)
The Second Edition Future Minerals Forum in 2022 (SPA)
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Riyadh to Host Third Edition of Int’l Future Minerals Forum

The Second Edition Future Minerals Forum in 2022 (SPA)
The Second Edition Future Minerals Forum in 2022 (SPA)

The Saudi Ministry of Industry and Mineral Resources announced the third edition of the Future Minerals Forum (FMF) at the King Abdulaziz International Conference Center in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The Ministry explained that the third edition will build on previous editions of FMF, offering a deep dive into a broad spectrum of topics and critical issues facing the global minerals industry, including sustainability practices and standards, developing green and future minerals value chains, and attracting investments in the super region.

It also aims to integrate knowledge and technology in mining operations and assert the role of the minerals sector in developing local economies and societies.

FMF is an essential platform for the super region, which stretches from Africa to West and Central Asia, bringing together industry leaders, investors, policymakers, and experts to shape the future of the minerals sector collectively.

The Forum is an essential platform for the super region, which stretches from Africa to West and Central Asia, bringing together industry leaders, investors, policymakers, and experts to shape the future of the minerals sector collectively.

The Minister of Industry and Mineral Resources, Bandar al-Khorayef, confirmed that the international conference is considered the most important in the world, with the support of King Salman and Crown Prince Mohammed bin Salman.

Khorayef pointed out that the conference's third edition will include the supply and demand of the most used mineral, playing a crucial role in the global shift towards clean energy.

It will establish a platform for discussion between metal-producing and consuming countries and ensure continuity of investment in the sector, starting with mines, manufacturing, refining, and processing operations.

"Recognizing the sector's challenges, there's an urgency to develop a clear roadmap and address the growing demand for critical minerals essentials for energy transition. We must facilitate dialogue, decision-making, and collaboration among stakeholders to realize our ambitious energy transition goals," said the Minister.

He stressed that the third edition will continue as a pioneering platform to lay more foundations for participation in decisions and procedures.

The goals are shared between investors, mining companies, and parties worldwide and will also work to highlight the role that the targeted region can play in achieving the world's goals in green transformation.

The main events of FMF will take place on January 10-11, convening ministers, mining investment leaders, and several prominent figures and innovators from a cross-section of global minerals and mining companies.

The sessions will foster rich dialogue on industry trends, investments, and sustainable practices.



Oil Prices Fall on Weaker US Consumer Demand, China Data

A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
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Oil Prices Fall on Weaker US Consumer Demand, China Data

A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo

Oil prices slipped in Asian trading on Monday after a survey on Friday showed weaker US consumer demand and as May crude production rose in China, the world's biggest crude importer.
Global benchmark Brent crude futures for August delivery were down 29 cents, or 0.4%, at $82.33 per barrel at 0330 GMT. US West Texas Intermediate crude futures for July delivery were also down 29 cents at $78.16 a barrel, Reuters reported.
The more-active August delivery WTI contract slipped 0.4% as well at $77.76 per barrel.
That followed prices slipping on Friday after a survey showed US consumer sentiment fell to a seven-month low in June, with households worried about their personal finances and inflation.
However, both benchmark contracts still gained nearly 4% last week, the highest weekly rise in percentage terms since April, on signs of stronger fuel demand.
Meanwhile, China's May domestic crude oil production rose 0.6% on year to 18.15 million tons, according to data released by the National Bureau of Statistics on Monday.
Year-to-date output was 89.1 million tons, up 1.8% from a year earlier. National crude oil throughput fell 1.8% in May over the same year-ago level to 60.52 million tons, with year-to-date totaling 301.77 million tons, up 0.3% from a year ago.
The country's May industrial output lagged expectations and a slowdown in the property sector showed no signs of easing, adding pressure on Beijing to shore up growth.
The flurry of data on Monday was largely downbeat, underscoring a bumpy recovery for the world's second-largest economy.
On the geopolitical front, concerns of a wider Middle East war lingered after the Israeli military said on Sunday that intensified cross-border fire from Lebanon's Hezbollah into Israel could trigger serious escalation.
After the relatively heavy exchanges over the past week, Sunday saw a marked drop in Hezbollah fire, while the Israeli military said that it had carried out several airstrikes against the group in southern Lebanon.
Markets in key oil trading hub Singapore and other countries in the region were closed for a public holiday on Monday.