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.



Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.