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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)
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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.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.