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Saudi Arabia Showcases Mining Investment Opportunities at LME Week in London 

Saudi Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer speaks at the event in London. (SPA)
Saudi Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer speaks at the event in London. (SPA)
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Saudi Arabia Showcases Mining Investment Opportunities at LME Week in London 

Saudi Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer speaks at the event in London. (SPA)
Saudi Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer speaks at the event in London. (SPA)

Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) underlined the Kingdom’s growing role as a global mining hub at London Metal Exchange (LME) Week 2025, reported the Saudi Press Agency on Friday.

During an event titled “Saudi Day at LME Week”, the Ministry highlighted Saudi Arabia’s growing role as a global mining hub, attracting investments across the entire value chain - from exploration to processing and production. These efforts are in line with Saudi Vision 2030, which positions mining as the third pillar of the national economy alongside energy and petrochemicals.

Speaking at the event, Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer reviewed the reforms implemented by the Kingdom in the mining sector and its untapped mineral wealth, estimated at over SAR9.4 trillion (USD2.5 trillion). He underscored Saudi Arabia’s commitment to building strong global partnerships in mining and minerals.

He outlined the Kingdom’s most significant achievements in the sector, including updating the legislative framework, launching pioneering national programs such as the National Minerals Program, expanding exploration activities, enhancing regulations, and supporting private-sector participation - all aimed at attracting qualitative investments and reinforcing the Kingdom’s collaboration with international partners in developing the strategic industry.

Mining is not merely a resource sector, but a core driver of Saudi Arabia’s economic transformation, he stressed, noting that under Vision 2030, the Kingdom is seeking to position itself as a preferred partner for global investors, innovators, and companies pursuing a responsible and resilient future in minerals.

The value of mineral resources has increased from SAR5 trillion to SAR9.4 trillion, with exploration activities expanding significantly, Al-Mudaifer revealed. The number of exploration companies rose from six in 2020 to 133 in 2023, and total exploration spending reached SAR102 billion in 2024, reflecting the Kingdom’s firm commitment to advancing mineral resource investments.

Saudi Arabia’s progress in the mining sector has gained wide international recognition. The Kingdom ranked 23rd globally in the 2024 Investment Attractiveness Index issued by Canada’s Fraser Institute, securing first place worldwide in political stability, 5th in socio-economic agreements, and 7th in environmental regulations.

The event featured a series of discussions with leading global mining figures. Maaden chief executive Bob Wilt discussed the company’s transformation into one of the world’s top ten mining companies and its ambitious expansion plans. Vale chief executive Gustavo Pimenta shared insights on building resilient cross-border partnerships, while Alcoa chief executive William Oplinger highlighted the company’s longstanding partnership with Saudi Arabia and future collaboration prospects. London Metal Exchange chief executive Matthew Chamberlain addressed the growing global demand for minerals and stressed the need to align investment, production, and consumer confidence.

A panel discussion on the future of mineral investment, moderated by former BBC news anchor David Eades, brought together key leaders including chief executive of Vale Base Metals Shaun Usmar; BMO managing director Rahim Bapoo; Standard Chartered global head of metals and mining Richard Horrocks-Taylor; and Dr. Kwasi Ampofo from BloombergNEF. Discussions centered on addressing financing challenges, geopolitical complexities, and the race to secure supply chains for critical minerals.

An accompanying exhibition showcased the strengths and innovations of the Kingdom’s mining and metals sector, highlighting abundant resources, a modern regulatory framework, advanced infrastructure, integrated value chains, and the use of AI-powered geophysical technologies, automation, energy efficiency, emissions reduction, recycling, and green metals.

The exhibition served as a practical platform for technical demonstrations, bilateral meetings, and partnership-building opportunities.

The event concluded with a forward-looking discussion on the upcoming 5th annual Future Minerals Forum (FMF), to be held in Riyadh from January 13 to 15 under the theme “Minerals: Confronting Challenges for a New Era of Development.”

The conference, organized by the Ministry of Industry and Mineral Resources, will gather ministers and executives from leading global mining companies such as BHP, Ivanhoe Mines, Rio Tinto, Ma’aden, Zijin, and Barrick Gold, reaffirming its position as a global platform for industry leaders in the mining sector.

Saudi Arabia’s participation in LME Week 2025 underscores its rising influence in the global minerals economy and its commitment to fostering international collaboration, innovation, and sustainable investment as demand for critical resources continues to accelerate worldwide.

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Business

Italy in Talks with US, Azerbaijan, Algeria to Offset Loss of Gas from Qatar

A general view shows cisterns at the deposit of an oil site, in Rome on March 19, 2026. (Photo by Andreas SOLARO / AFP)
A general view shows cisterns at the deposit of an oil site, in Rome on March 19, 2026. (Photo by Andreas SOLARO / AFP)
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Italy in Talks with US, Azerbaijan, Algeria to Offset Loss of Gas from Qatar

A general view shows cisterns at the deposit of an oil site, in Rome on March 19, 2026. (Photo by Andreas SOLARO / AFP)
A general view shows cisterns at the deposit of an oil site, in Rome on March 19, 2026. (Photo by Andreas SOLARO / AFP)

Italy is talking to several countries, including the United States, Azerbaijan and Algeria, to secure gas supplies now that Iranian strikes on Qatar appear to have halted its exports for an extended period, Energy Minister Gilberto Pichetto Fratin said.

Iranian attacks have knocked out 17% of Qatar's liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and ⁠threatening supplies to Europe ⁠and Asia, QatarEnergy's CEO told Reuters on Thursday.

"The very fact that Qatar's LNG plant that had been shut down was also bombed had a devastating impact on prices," Pichetto Fratin said on Friday attending ⁠an event in Milan.

Edison, an Italian unit of French power company EDF, has a long-term contract with QatarEnergy for the supply of 6.4 billion cubic meters of gas per year to Italy, nearly 10% of the country's annual gas consumption.

Qatar had already declared force majeure on gas exports earlier this month, flagging to Edison it would not be ⁠able ⁠to fulfill its contractual obligations concerning April.

The pause in supplies is likely be longer-lasting after its gas infrastructures were hit hard this week, QatarEnergy's CEO said.

Pichetto Fratin said on Friday that despite the disruption in supplies from the Middle East, Italy had agreed with the European Union that the bloc should not return to buying its gas from Russia.

Business

Shell: Repair of Second Unit at Pearl Facility in Qatar to Take About a Year

A digital price sign is seen at a Shell gasoline station in San Francisco, California, USA, 18 March 2026. EPA/JOHN G. MABANGLO
A digital price sign is seen at a Shell gasoline station in San Francisco, California, USA, 18 March 2026. EPA/JOHN G. MABANGLO
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Shell: Repair of Second Unit at Pearl Facility in Qatar to Take About a Year

A digital price sign is seen at a Shell gasoline station in San Francisco, California, USA, 18 March 2026. EPA/JOHN G. MABANGLO
A digital price sign is seen at a Shell gasoline station in San Francisco, California, USA, 18 March 2026. EPA/JOHN G. MABANGLO

Shell said on Friday that full repair of its train two at the Pearl GTL (gas-to-liquids) facility in Qatar would ⁠take around a ⁠year, confirming a statement to Reuters from QatarEnergy, after Iranian ⁠attacks earlier this week.

Shell said train one at the facility was not damaged, and its QatarEnergy LNG N(4), which Shell has ⁠a ⁠30% interest in and which equates to 2.4 MTPA of equity production, was not impacted.

Shell has a 100% interest in Pearl GTL in Qatar, which has capacity to process up to 1.6 billion cubic ⁠feet ⁠per day of wellhead gas, converting it into 140,000 bpd of gas-to-liquids.

Business

US Stocks Sink on Fears the War with Iran will Keep Interest Rates High

A bobble head depicting US President Donald Trump sits on a desk as traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 14, 2025. (Photo by TIMOTHY A. CLARY / AFP)
A bobble head depicting US President Donald Trump sits on a desk as traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 14, 2025. (Photo by TIMOTHY A. CLARY / AFP)
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US Stocks Sink on Fears the War with Iran will Keep Interest Rates High

A bobble head depicting US President Donald Trump sits on a desk as traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 14, 2025. (Photo by TIMOTHY A. CLARY / AFP)
A bobble head depicting US President Donald Trump sits on a desk as traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 14, 2025. (Photo by TIMOTHY A. CLARY / AFP)

US stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.

The S&P 500 fell 0.9% and was on track for a fourth straight losing week, its longest such streak in a year. The Dow Jones Industrial Average was down 285 points, or 0.6%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.2% lower.

Stocks sank under the weight of leaping yields in the bond market. They will make mortgage rates and other borrowing more expensive for US households and companies, slowing the economy, and they grind down on prices for all kinds of investments. Treasury yields have been jumping since the war began because it could cause a long-term spike in oil and natural gas prices that drives up inflation, The AP news reported.

Worries have gotten so high that traders have canceled nearly all their bets that the Federal Reserve could cut interest rates this year, according to data from CME Group. Some even see a possibility for a rate hike in 2026, which was a nearly unthinkable scenario before the war began.

Lower interest rates would give the economy and investment prices a boost, and they're something President Donald Trump has angrily been calling for. Before attacks by the United States and Israel began the war with Iran, traders were betting heavily that the Fed would cut interest rates at least twice this year.

But lower rates risk worsening inflation. And with oil prices so much higher now, investors see little room for central banks worldwide to cut interest rates to help their economies. Besides the Federal Reserve, central banks in Europe, Japan and the United Kingdom also held their interest rates steady this past week.

Friday's worries came even as oil prices calmed a bit. A barrel of Brent crude, the international standard, added 0.3% to $109.02 after drifting lower earlier in the morning. Benchmark US crude rose 0.3% to $95.78 per barrel.

The price of Brent has zigzagged sharply on its way there from roughly $70 per barrel before the war began. Big swings up and down have struck hour to hour as financial markets try to handicap how long the war will last and how much damage it will do to oil and gas production in the Arabian Gulf.

Much of the focus is on the Strait of Hormuz, a narrow waterway off Iran’s coast. A fifth of the world’s oil typically sails through it, but Iran has effectively closed it to its enemies.

On Wall Street, Super Micro Computer dropped 28% and helped drag the US stock market lower. The US government accused a senior vice president of the company and two others affiliated with it of conspiring to smuggle billions of dollars of computer servers containing advanced Nvidia chips to China.

The company said it’s cooperated with the investigation and is not a defendant in the indictment. It placed its two accused employees on administrative leave and terminated its relationship with an accused contractor.

On the winning side of Wall Street was FedEx, which rose 2.2% after delivering a much stronger profit for the latest quarter than analysts expected.

In the bond market, the yield on the 10-year Treasury jumped to 4.37% from 4.25% late Thursday and from just 3.97% before the war started. That's a significant move for the bond market.

The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, jumped to 3.92% from 3.79% late Thursday and is near its highest level since the summer.

Outside of Wall Street, indexes fell in Europe following their wipeouts on Thursday. Indexes also sank in China, though South Korea’s Kospi added 0.3%.