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Saudi Arabia, Chile Explore Latest Mining Technologies, Investment Opportunities

Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
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Saudi Arabia, Chile Explore Latest Mining Technologies, Investment Opportunities

Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)

Saudi Minister of Industry and Mineral Resource Bandar bin Ibrahim Al-Khorayef explored investment opportunities in the production and processing of lithium, copper, and iron ores during his visit to major mining companies and specialized technology centers in Santiago, Chile.
He also discussed the transfer of knowledge, innovation, and advanced technologies in the mining sector, the Saudi Press agency reported on Thursday.
Minister Al-Khorayef met with Codelco chief executive Ruben Alvarado for a discussion focused on exploring investment opportunities in mineral production, particularly lithium and copper.
Codelco, founded in 1976, is a global leader in the exploration, production, and sale of copper and its byproducts. With a substantial presence in key markets across Asia, Europe, and the United States, the company mainly supplies refined copper. The Kingdom also partners with Codelco through Almar Water Solutions company, owned by Abdul Latif Jameel.
The Minister also held a series of bilateral meetings with leaders of major Chilean mining companies, including Antofagasta PLC, SQM, and Quiñenco.
The discussions explored mutual opportunities in the mining sector, focusing on copper, lithium, and iron ore. The meetings highlighted the role of Manara Minerals Investment Company (Manara) in capitalizing on these opportunities. Additionally, participants reviewed current investment prospects in mineral exploration in the Kingdom, the exploration incentives program, and licensing for mining belts.
Khorayef extended an invitation to the Chilean mining leaders to participate in the Future Minerals Forum in Riyadh next January.
Minister Al-Khorayef and officials from the Advanced Mining Technology Center (AMTC) and the mining control center of the AngloAmerican Company discussed the use of their modern technologies to enhance mining operations and improve efficiency in mining projects.
This includes adherence to global environmental standards, modern practices in remote mine management, and the application of artificial intelligence (AI) in mineral exploration.
These visits and meetings were attended by the Vice Minister for Mining affairs at the Ministry of Industry and Mineral Resources Eng. Khalid bin Saleh Al-Mudaifer, Saudi Export-Import (EXIM) Bank Chief Executive Saad Alkhalb, and leaders of the industry and mining sector.
Khorayef’s tour of the Federative Republic of Brazil and the Republic of Chile focused on investment opportunities in the Saudi mining sector. The tour began on July 22 and featured a series of meetings with major global mining companies, aiming to strengthen international partnerships and attract foreign investments to this vital sector, which is a cornerstone of Saudi Vision 2030.
The Kingdom seeks to become a global hub for mining and minerals by attracting foreign investments, developing local competencies, and adopting modern technologies. with the goal of maximizing the economic value of mineral resources, estimated at SAR 9.4 trillion, and to enhance the Kingdom’s status as a major player in the global mining market.
The Kingdom in recent years has taken several measures to improve the investment environment in the sector, including amending the mining investment bylaw and launching enablers and incentives for the mining sector. These include co-financing of 75% of capital expenditures, a 5-year tax exemption, and 100% direct foreign ownership.
The Ministry of Industry and Mineral Resources announced the Exploration Empowerment Program, allocating $182 million to mitigate investment risks in exploration.
In an endeavor to assist investors in making clear investment decisions and to adhere to transparency standards in the mining investment environment, the Kingdom provides all geological data, which is constantly updated based on the results of the General Geological Survey Program. The data is added to geological information that has been available for over 80 years and is accessible on a digital platform.
The Kingdom has made significant progress in its mineral exploration programs conducted by the Saudi Geological Survey, including geological survey and mapping projects valued at approximately SAR1 billion. The Kingdom also expedited the process of granting licenses to local and international investors in the sector and announced three global public auctions for mining licenses.
The Kingdom recently announced the establishment of the National Minerals Program, designed to serve as a powerful tool to enhance the quality and efficiency of mineral supply chains and ensure the continuous supply of minerals to local industries and major projects. The Kingdom aims to invest SAR120 billion in basic and strategic mineral industries.
Two weeks ago, the Ministry of Industry and Mineral Resources launched the Kingdom's first metalliferous belts of their kind, which include three exploration licenses in the Jabal Sayid belt in Madinah. The area contains a range of base and precious metals, including copper, zinc, lead, gold, and silver.
Two exploration licenses were issued for the Al-Hijar site located in the Shuwass Valley belt in the Asir region, which is rich in a variety of precious and base metals, including copper, zinc, gold, and silver. These belts cover a total area of 4,788 square kilometers, and this step aims to accelerate the exploration and exploitation of the Kingdom’s mineral resources.

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Business

IMF Says World Is Drifting Toward More Adverse Growth Scenario as Energy Disruptions Continue

Pierre-Olivier Gourinchas, Director of IMF Research Department, speaks during an economic outlook briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 14, 2026. (AFP)
Pierre-Olivier Gourinchas, Director of IMF Research Department, speaks during an economic outlook briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 14, 2026. (AFP)
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IMF Says World Is Drifting Toward More Adverse Growth Scenario as Energy Disruptions Continue

Pierre-Olivier Gourinchas, Director of IMF Research Department, speaks during an economic outlook briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 14, 2026. (AFP)
Pierre-Olivier Gourinchas, Director of IMF Research Department, speaks during an economic outlook briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 14, 2026. (AFP)

The world may be already drifting towards the International Monetary Fund's "adverse scenario" forecast of weaker 2.5% global growth in 2026 even as it released ‌on Tuesday ‌a more benign ‌reference ⁠forecast of 3.1% growth, ⁠IMF chief economist Pierre-Olivier Gourinchas said.

Gourinchas told a news conference that the reference forecast assumes that the conflict is ⁠resolved quickly and that energy ‌prices ‌normalize in the second ‌half of 2026, but acknowledged ‌that the war's developments are fluid and changing daily. He said the reference forecast ‌was "not quite yet" irrelevant.

"I would say that we ⁠are ⁠somewhere in between the reference scenario and the adverse scenario," Gourinchas said.

"And of course, every day that passes and every day that we have more disruption in energy, we are drifting closer towards the adverse scenario."

Business

Iraq Says Has ‘Understandings’ to Bypass Hormuz Blockade

A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
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Iraq Says Has ‘Understandings’ to Bypass Hormuz Blockade

A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)

Baghdad's oil ministry said Tuesday it has "understandings" with the United States and Iran to reduce the impact of the blockade of the Strait of Hormuz on Iraqi oil exports.

The ministry did not elaborate or say when these reported understandings were reached.

But Iran announced earlier this month -- before the fragile ceasefire was reached last Wednesday with the United States -- that it would allow Iraqi shipping to transit the key waterway.

Iraqi oil ministry spokesperson Saheb Bazoun told the Iraqi News Agency (INA) "there are understandings with the American and Iranian sides to circumvent the blockade imposed on the Strait of Hormuz, and with all parties to guarantee exports".

A founding member of the OPEC oil cartel, Iraq normally exports the majority of its crude through the strait, but like other exporters in the oil-rich region, it has been left scrambling for alternative routes.

Bazoun told INA that Iraq was continuing to use secondary export routes, including a pipeline to the Turkish port of Ceyhan and via Syria's Baniyas port.

Authorities announced earlier this month Iraq has begun exporting crude using tanker trucks through Syria, after resuming oil exports of 250,000 barrels per day through Ceyhan.

The Middle East war has wrought havoc on energy markets, especially after Iran tightened the screws on the Strait of Hormuz -- through which roughly a fifth of global oil and gas passes -- sharply slowing maritime traffic, and reportedly charging transit fees.

Despite the two-week ceasefire between the United States and Iran, and after a failed attempt to reach an agreement, Washington imposed a blockade on Iranian ports in the Strait of Hormuz, sending tremors through global energy markets.

Oil exports account for some 90 percent of Iraq's budget revenues, which plummeted more than 70 percent in March compared with February.

Business

Saudi Arabia Boosts Water Efficiency with Over $26.7 Billion in Investments Since 2018

Shuaibah Desalination Plant (Saudi Water Authority)
Shuaibah Desalination Plant (Saudi Water Authority)
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Saudi Arabia Boosts Water Efficiency with Over $26.7 Billion in Investments Since 2018

Shuaibah Desalination Plant (Saudi Water Authority)
Shuaibah Desalination Plant (Saudi Water Authority)

Saudi Arabia has invested about SAR100 billion ($26.7 billion) in its water sector since 2018, as part of its National Water Strategy to improve efficiency and sustainability while expanding private sector participation in line with Vision 2030.

Deputy Minister for Water at the Ministry of Environment, Water and Agriculture Abdulaziz Al-Shaibani told Asharq Al-Awsat that increased public-private partnerships are driving a shift toward a more efficient operating model and easing pressure on the state budget.

He said private sector involvement has transferred capital costs for major projects, including desalination plants, transmission networks, storage facilities and wastewater treatment, while boosting value across the supply chain through water reuse and reducing reliance on non-renewable resources.

Lower operating costs have also strengthened the sector’s appeal to investors. Seawater desalination using reverse osmosis now costs about SAR0.74 per cubic meter, while groundwater desalination costs around SAR0.55, offering competitive returns for local and international investors.

Local content in privatization projects has reached about 70 percent, while Saudis account for 90 percent of operational jobs, highlighting the sector’s contribution to economic growth and employment.

Al-Shaibani said investment in research and development has helped reduce production costs and localize key technologies, including reverse osmosis membrane manufacturing, valued at SAR 1.14 billion ($304 million). This supports the development of domestic supply chains and increases economic value added.

According to data from the Saudi Water Partnership Company (SWPC), 51 privatization projects have been launched with total investments of about SAR56 billion ($14.9 billion), including operational projects and others under development or tender.

Private sector production capacity is expected to reach 2.6 million cubic meters per day by 2030 and rise to 8.18 million cubic meters per day by 2032. Water transmission capacity between cities is projected to reach 2.43 million cubic meters per day by 2029, while strategic storage capacity is expected to reach just over 7 million cubic meters.

Major projects include the Juranah Independent Strategic Water Reservoir in Makkah province, with a capacity of 2.5 million cubic meters, the Rayis-Rabigh Independent Water Transmission Project, and the Rabigh 3 Independent Water Plant, all developed under long-term contracts to ensure sustainability.

The Al-Khafji solar-powered desalination plant, one of the world’s leading projects of its kind, has reduced desalination costs by about 40 percent, supporting more efficient and sustainable production.