Saudi Industry Minister Explores Latest Mining Technologies at MINExpo International 2024 Las Vegas

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
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Saudi Industry Minister Explores Latest Mining Technologies at MINExpo International 2024 Las Vegas

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visited the MINExpo International 2024 Las Vegas, the largest mining exhibition in the world.

He reviewed the latest technologies in mining operations and discussed the most promising opportunities in the mining sector with participating global mining companies, reported the Saudi Press Agency on Friday.

He was accompanied by Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid bin Saleh Al-Mudaifer.

Alkhorayef visited the Saudi pavilion during the tour of the exhibition that is organized by the National Mining Association (NMA). The exhibition features several prominent Saudi mining companies alongside the National Industrial Development Center.

Alkhorayef met with several leading global mining companies. He explored collaboration opportunities in the mining sector, highlighting the relative advantages of investing in mining in Saudi Arabia.

Since 1996, the MINExpo has been held every four years and attracts the leading mining companies from around the world. It showcases all mining operations' latest technologies and equipment, including safety equipment, drilling machinery, and mineral exploration machines.

The exhibition serves as a platform for exchanging experiences and the latest innovations in the mining sector, fostering effective partnerships between government and private institutions interested in mining.

Its events and exhibits cover all mining sectors, including precious metals, non-ferrous metals, ferrous metals, industrial minerals, stone and quarry mining, sand, gravel, and coal.

Alkhorayef is on an official trip to the US that aims to develop industrial and mining cooperation, strengthen bilateral ties with Saudi Arabia, and attract quality investments to the Kingdom. The visit also explores mutual investment opportunities in promising industrial sectors, particularly aviation and space.



G7 Glosses over Tariffs, Pledges to Cut Global Economic Imbalances 

Canada's Finance Minister Francois-Philippe Champagne, center right, and Governor of the Bank of Canada Tiff Macklem, center left, pose for a family photo with their colleagues at the G7 Finance Ministers meeting in Banff, Alta., Wednesday, May 21, 2025. (Jeff McIntosh /The Canadian Press via AP)
Canada's Finance Minister Francois-Philippe Champagne, center right, and Governor of the Bank of Canada Tiff Macklem, center left, pose for a family photo with their colleagues at the G7 Finance Ministers meeting in Banff, Alta., Wednesday, May 21, 2025. (Jeff McIntosh /The Canadian Press via AP)
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G7 Glosses over Tariffs, Pledges to Cut Global Economic Imbalances 

Canada's Finance Minister Francois-Philippe Champagne, center right, and Governor of the Bank of Canada Tiff Macklem, center left, pose for a family photo with their colleagues at the G7 Finance Ministers meeting in Banff, Alta., Wednesday, May 21, 2025. (Jeff McIntosh /The Canadian Press via AP)
Canada's Finance Minister Francois-Philippe Champagne, center right, and Governor of the Bank of Canada Tiff Macklem, center left, pose for a family photo with their colleagues at the G7 Finance Ministers meeting in Banff, Alta., Wednesday, May 21, 2025. (Jeff McIntosh /The Canadian Press via AP)

Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to tackle "excessive imbalances" in the global economy and saying they could increase sanctions on Russia.

There had been doubt before the meeting whether it would issue a final communique, in light of divisions over US tariffs and Washington's reluctance to refer to Russia's war on Ukraine as illegal.

But after three days of talks, participants signed on to a lengthy document devoid of previous language on fighting climate change and which also softened references to the Ukraine war.

"We found common ground on the most pressing global issues that we face," Canadian Finance Minister Francois-Philippe Champagne told the closing press conference.

"I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action."

The officials, who met in the Canadian Rocky Mountains, called for a common understanding of how "non-market policies and practices" undermine international economic security.

The document did not name China, but references by the United States and other G7 economies to non-market policies and practices are often targeted at its state subsidies and export-driven economic model.

The G7 statement omitted mention of US President Donald Trump's tariffs that are disrupting global trade and supply chains and swelling economic uncertainty.

Champagne downplayed the lack of communique language on tariffs, but said ministers "were not skating around" the issue and had discussed its impact. Canada seeks a deal to eliminate Trump's tariffs of 25% on many goods, such as steel and aluminum.

"We're trying to enhance growth and stability," he added. "And obviously tariffs are something in that context that you can't avoid discussing."

The gathering sets the stage for a summit of G7 leaders from June 15 to 17 in the nearby mountain resort area of Kananaskis. Trump will attend the summit, the White House confirmed on Thursday.

The G7 communique called for an analysis of market concentration and international supply chain resilience.

"We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency," the grouping said.

It also recognized an increase in low-value international "de minimis" package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods.

The duty-free exemption for packages of value less than $800 has been exploited by Chinese e-commerce companies, such as Shein and Temu.

The Chinese embassy in Ottawa said it could not immediately comment on the G7 statement.

'BRUTAL' WAR

The G7 finance chiefs condemned what they called Russia's "continued brutal war" against Ukraine and said if ceasefire efforts failed, they would explore all possible options, including "further ramping up sanctions."

The description of the Ukraine war was watered down from October's G7 statement, before Trump's re-election, calling it an "illegal, unjustifiable, and unprovoked war of aggression against Ukraine."

Trump has diminished US support for Ukraine and suggested that Kyiv was to blame for the conflict as he tries to coax Russia into peace talks.

But the G7 ministers pledged to work together to ensure no countries that financed the Russian war would be eligible to benefit from the reconstruction of Ukraine.

"That's a very big statement," said Champagne, calling it a fundamental pillar of the communique. It did not name China or other countries the West has accused of supplying critical components to Russia in defiance of sanctions.

Russia's sovereign assets in G7 jurisdictions would remain immobilized until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said.

European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed a proposal to lower the G7-led price cap of $60 a barrel on Russian oil exports, since Russian crude is now selling below that.

But the plan was not mentioned in the communique, partly because US Treasury Secretary Scott Bessent was not convinced it was needed, a European official said.

Brent crude currently trades around $64 per barrel.

A European official said the United States is "not convinced" about lowering the Russian oil price cap.

A US Treasury spokesperson said only that Bessent's G7 engagements "were both pleasant and constructive, and we look forward to our future engagements with all of our G7 partners on issues of mutual interest."

Bessent came to Banff to the relief of many participants after he skipped a G20 finance meeting in February in the South African city of Cape Town.

G7 officials described his interactions as "constructive" and "flexible" and said some initial stiffness gave way to jokes over dinner.

"We had a feeling that it was a discussion between friends and allies," a French official said.

But Bessent took an unusually low profile for a US Treasury secretary at the G7 meeting, holding no news conference and largely operating out of sight of the press.

"I had a very productive day," he told a reporter on Wednesday, in his only public comment to the media.