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.
