Ma’aden Resorts to International Expertise to Exploit Saudi Arabia’s Largest Discovered Resources

Saudi Arabia is implementing mining projects to exploit untapped wealth. (Asharq Al-Awsat)
Saudi Arabia is implementing mining projects to exploit untapped wealth. (Asharq Al-Awsat)
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Ma’aden Resorts to International Expertise to Exploit Saudi Arabia’s Largest Discovered Resources

Saudi Arabia is implementing mining projects to exploit untapped wealth. (Asharq Al-Awsat)
Saudi Arabia is implementing mining projects to exploit untapped wealth. (Asharq Al-Awsat)

The Saudi Arabian Mining Company (Ma’aden) is seeking to benefit from its relationships with its global partners, and to rely on the latest technologies, in order to raise the maximum capabilities and potential to work on the unexplored mineral resources project in Saudi Arabia, which is valued at $2.5 trillion, through an appropriate set of investments, sources have revealed.

In January, the Kingdom announced that it had raised its estimates of the value of untapped mineral resources, including phosphate, gold, minerals, and rare earths, to SAR9.4 trillion ($2.5 trillion), an increase from the previous estimation of SAR4.9 trillion ($1.3 trillion).

Ma’aden operates 17 mines and sites, employing more than 68,000 workers, and exports its products to more than 30 countries. It is also implementing a plan to increase the volume of its business within its 2040 strategy, in phosphate, aluminum, gold, and copper, in addition to exploring new minerals.

Mining has emerged as a vital sector for the Saudi economy, as it played a pivotal role in promoting growth and advancing development under Vision 2030. In this context, Ma’aden is working to consolidate the sector's position as the third pillar of the economy in the Kingdom.

The company is an important player in supporting the achievement of the goals of the country’s strategic roadmap, and has implemented one of the largest exploration programs in the world, investing in new technologies through its partnership with Barrick Gold and Ivanhoe Electric, to help unleash the enormous potential of mineral wealth in Saudi Arabia.

Minister of Industry and Mineral Resources Bandar Al-Khorayef recently announced the discovery of new mining resources with an estimated value of $2.5 trillion. This came during the third edition of the International Mining Conference, which was held in Riyadh, under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The minister pointed to new discoveries of rare earth elements and transition metals, in addition to huge increases in phosphate ore and other minerals, such as copper, zinc, gold, and others.

The Ma’aden Company recently revealed the discovery of significant gold resource potential extending along a 100km strike from the existing Mansourah Massarah gold mine. This is the first find from the company’s extensive exploration program, launched in 2022, aimed at building Ma’aden’s production pipeline.



Geopolitical Strife Could Cost Global Economy $14.5 Trln Over 5 Years

09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
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Geopolitical Strife Could Cost Global Economy $14.5 Trln Over 5 Years

09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa

The global economy could face losses of $14.5 trillion over a five-year period from a hypothetical geopolitical conflict which hits supply chains, insurance market Lloyd's of London said on Wednesday.

The economic impact would result from severe damage to infrastructure in the conflict region and the potential for compromised shipping lanes, Lloyd's said in a statement.

Wars in Ukraine and Gaza have already disturbed shipping routes in the Black Sea and Red Sea.

"With more than 80% of the world's imports and exports – around 11 billion tons of goods – at sea at any given time, the closure of major trade routes due to a geopolitical conflict is one of the greatest threats to the resources needed for a resilient economy," Lloyd's said.

The possibility of such a geopolitical conflict was a systemic - or low likelihood but high impact - risk, Lloyd's said.

Lloyd's said it has also researched other potential systemic risks in partnership with the Cambridge Centre for Risk Studies, including cyber attacks and extreme weather events.