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.
