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Al-Mudaifer: Global Mining Investments Insufficient for Renewable Energy Transition

At a press conference, the Ministry of Industry and Mineral Resources (MIM) announced details of the third edition of the Future Minerals Forum (FMF), to be held in Riyadh, Saudi Arabia.
At a press conference, the Ministry of Industry and Mineral Resources (MIM) announced details of the third edition of the Future Minerals Forum (FMF), to be held in Riyadh, Saudi Arabia.
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Al-Mudaifer: Global Mining Investments Insufficient for Renewable Energy Transition

At a press conference, the Ministry of Industry and Mineral Resources (MIM) announced details of the third edition of the Future Minerals Forum (FMF), to be held in Riyadh, Saudi Arabia.
At a press conference, the Ministry of Industry and Mineral Resources (MIM) announced details of the third edition of the Future Minerals Forum (FMF), to be held in Riyadh, Saudi Arabia.

Substantial investments are needed in the mining sector to facilitate the transition to renewable energy and achieve carbon neutrality, revealed Saudi Vice Minister for Mining Affairs, Khalid Al-Mudaifer.

Al-Mudaifer, in remarks to Asharq Al-Awsat, emphasized that “these investments are currently insufficient and unavailable.”

The vice minister’s statements were made during a press conference dedicated to outlining the details of the third edition of the Future Minerals Forum (FMF), to be held in Riyadh on Jan. 9-11 at the King Abdulaziz International Conference Center.

The conference is organized by the Ministry of Industry and Mineral Resources (MIM).

According to Al-Mudaifer, this conference has evolved into the foremost global platform and gathering for the mining and mineral sector.

Delegates from 95 countries, 30 international organizations, 20 mineral production trade unions, and over 30 global non-profit organizations focused on sustainability and environmental impact will take part in FMF 2024.

Additionally, the event will witness the presence of eight of the top 10 global company CEOs and suppliers of cutting-edge technologies for the production of green and future minerals.

Over 70 countries will be represented by government ministers and high-ranking officials at the Ministerial Roundtable on January 9.

For the first time, a Geological Survey Leaders meeting will be held concurrently with the Roundtable, revealed Al-Mudaifer.

This meeting aims to discuss key issues related to enhancing capabilities and resources for these organizations to meet the growing global demand for minerals.

Al-Mudaifer added that mineral extraction will come from modern mining countries in Africa, East, Central, and West Asia.

He explained that these countries require significant infrastructure and massive investments, along with an increase in training and qualification capabilities.

Highlighting Saudi Arabia’s pivotal role in addressing future mineral needs, Al-Mudaifer emphasized the country’s historical leadership in providing the world with energy.

He affirmed that Saudi Arabia is now emerging as a regional leader in exploring, producing, processing, and harnessing minerals to achieve the Kingdom’s and the world’s targets for carbon neutrality.

“We are confident that we cannot single-handedly supply the world with the necessary minerals for the energy transition and the resulting development,” said Al-Mudaifer.

“We believe that it is imperative for all of us to work together for this goal, and that producing and consuming countries collaborate to find common solutions to major challenges, including attracting investments, developing infrastructure, mineral production, processing, and exports,” he clarified.

Al-Mudaifer reminded that Saudi Arabia, with its strategic location connecting East and West, is well-positioned to become a regional and global hub for mineral processing, especially green minerals.

He highlighted NEOM as the world’s largest project for green hydrogen production, contributing to the production of green minerals.

Additionally, the Kingdom boasts advanced infrastructure, a network of roads, maritime ports, and sophisticated logistical services, affirmed Al-Mudaifer.

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Business

Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
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Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)

Cryptocurrency platform Binance said Friday it was working to resolve a "complex attack" that hit around $6.3 billion in funds, with about half that amount frozen to prevent a massive theft. 

The company -- the world's largest crypto exchange by daily trading volumes -- said investigations had "uncovered additional points of breach", contrary to initial findings that suggested the hack involved a single compromised laptop. 

"This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance wrote on X. 

The firm earlier posted a series of sometimes contradictory messages, insisting that "user funds are completely safe" but also saying it would "cover all losses." 

The company confirmed on its X account for Latin America that "the total estimated impact is around $6.3 billion." 

That is four times the amount impacted in the biggest-ever cyberattack of its kind to date: $1.5 billion taken in February last year from the Bybit platform. 

Binance warned the figure "may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets." 

It said around $3 billion in affected assets had been frozen. 

The 2023 Bybit heist was attributed at the time to a group of hackers affiliated with North Korea called TraderTraitor. 

Blockchain investigation firm TRM Labs said Thursday it had "high confidence" that the Binance hack was also orchestrated by TraderTraitor, citing "robust on and off-chain intelligence." 

"Several features of this attack match earlier North Korea-linked heists," TRM said. 

TraderTraitor is believed to be part of Lazarus Group -- which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for "The Interview," a film that mocked North Korean leader Kim Jong Un. 

- Fund freeze - 

At about 0900 GMT Friday, Binance said it was on track to resume withdrawals in 45 hours, after announcing earlier that all deposits and withdrawals had been "temporarily suspended". 

"Deposits remain unaffected," it said. 

The company had said on X that initial investigation suggested the hack involved a compromised laptop belonging to a "DevOps engineer," allowing the unauthorized party to access a "service container" and execute unauthorized withdrawal transactions. 

"We have found no evidence of any private key leaks from wallets," it said, promising to share a detailed technical analysis once investigations were complete. 

But it said later that "subsequent investigation has uncovered additional points of breach." 

Paolo Ardoino, the boss of Tether -- a company that issues a cryptocurrency known as USDT -- said his firm froze about $1.6 billion "related to a potential Binance exchange hack." 

Jeremy Allaire, who runs cryptocurrency platform Circle, said his company had frozen more than $800 million in USDC. 

USDT and USDC are both "stablecoins," or digital currencies whose value is linked to a traditional currency, the US dollar. 

The US Department of Justice and the FBI did not immediately respond to requests for comment. 

- Crypto prices tumble - 

For several hours before Binance confirmed the attack, industry observers said hackers had managed to reach the platform. 

The prices of most major cryptocurrencies fell on news of the cyberattack, except for the stablecoins, which by definition can only fluctuate within tight margins. 

Bitcoin and Ethereum plunged nearly five percent and nearly six percent respectively on the news. BNB, native to Binance, tumbled nearly 10 percent. 

The attack on Binance comes as many observers express worries that the ever-expanding capabilities of artificial intelligence (AI) models could compromise cryptography and IT security protocols. 

Business

TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
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TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)

TotalEnergies said on Friday it will cut diesel prices to €2.15 ($2.40) a liter at 705 French stations from ‌Saturday, October ‌31.

The price ‌reduction ⁠comes after France ⁠announced it would release 10 million barrels of diesel from its strategic reserves on November ⁠1.

TotalEnergies said it ‌is ‌passing on the savings ‌from these older, cheaper ‌fuel stocks immediately, without waiting for physical deliveries to arrive.

The company ‌said in a statement the Access ⁠stations ⁠account for 60% of its fuel sales in the country, adding it will maintain a nationwide diesel price cap of €2.25 per liter.

Business

Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
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Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)

Türkiye’s tourism revenues rose 5% year-on-year to $25.53 billion in the third quarter, with revenues in the first nine months increasing 2.4% to $51.29 billion, Turkish Statistical Institute data showed on Friday. 

Tourism Minister Mehmet Nuri Ersoy said Türkiye was on track to generate more than $65 billion in full-year tourism revenues. 

"Longer-than-expected average stays and higher overnight spending have boosted tourism revenues," Ersoy told a news conference on the sector's performance in the ‌first nine ‌months of the year. 

The number of visitors ‌fell ⁠1% year-on-year to ⁠23.37 million in the third quarter, while total arrivals reached 49.13 million in the January-September period, the data showed. 

Separately, data from the Tourism Ministry showed that the number of foreign visitors rose 0.4% year-on-year to 6.11 million in September. However, foreign arrivals fell 1.52% to 40.93 million ⁠in the first nine months of the ‌year. 

Russians accounted for the ‌largest group of foreign visitors in September, with 979,647 arrivals, ‌followed by visitors from Germany, Britain, Iran and Poland. 

Average ‌overnight spending per visitor declined 1.3% year-on-year to $723 in the third quarter. For the first nine months, it fell 9.6% to $778. 

Ersoy said average visitor stays continued to exceed expectations, but warned ‌of risks to the sector in the final quarter, including a possible escalation of ⁠the Iran ⁠war, as well as an increase in drone attacks on cities amid the Russia-Ukraine war. 

In 2025, revenues increased by 6.8% from the previous year to a record $65.2 billion, according to official data. Before the Iran war began, the government's target for this year was $68 billion. 

Lower revenues could add to Türkiye's current account deficit, which is already under pressure from soaring energy prices due to the fallout from the Iran war. 

The war has hurt demand for travel to Türkiye's historic sites and Mediterranean beaches.