Saudi Arabia Urges Collective Action to Boost Mineral Supplies, Future Jobs

Representatives from 100 governments and 70 international organizations gathered on Tuesday to develop a roadmap for securing the flow of critical minerals the world needs to achieve its digital and green transitions. (Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef on X)
Representatives from 100 governments and 70 international organizations gathered on Tuesday to develop a roadmap for securing the flow of critical minerals the world needs to achieve its digital and green transitions. (Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef on X)
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Saudi Arabia Urges Collective Action to Boost Mineral Supplies, Future Jobs

Representatives from 100 governments and 70 international organizations gathered on Tuesday to develop a roadmap for securing the flow of critical minerals the world needs to achieve its digital and green transitions. (Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef on X)
Representatives from 100 governments and 70 international organizations gathered on Tuesday to develop a roadmap for securing the flow of critical minerals the world needs to achieve its digital and green transitions. (Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef on X)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Riyadh has emerged as the “global capital of mining” by hosting the fifth ministerial roundtable of the Future Minerals Forum 2026.

The meeting was not merely a forum for discussion, but a platform to launch a new phase of international cooperation under the theme “Minerals: Meeting the Challenges of a New Era of Development.”

Representatives from 100 governments and 70 international organizations gathered on Tuesday to develop a roadmap for securing the flow of critical minerals the world needs to achieve its digital and green transitions.

The gathering marked a significant shift in collective action, reviewing progress since the launch of three initiatives in 2023 and urging governments to join the Future Minerals Framework.

The framework is not simply an agreement but a vital mechanism to strengthen partnerships between supplier and consumer countries, and to build an investment ecosystem capable of attracting public and private financing.

This momentum culminated in an announcement by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef of the appointment of a permanent ministerial steering committee of 17 founding member states, selected to ensure geographic balance and representation of both supplier and consumer countries.

The committee will provide strategic guidance, oversee implementation of initiatives, and ensure the continuity of dialogue between major producing and consuming powers.

Ministerial guidance

Alkhorayef stated that achieving countries’ economic, industrial, and energy ambitions depends on the availability of secure and resilient mineral supplies, stressing that such supplies cannot be guaranteed without substantial investments and the adoption of innovative technologies, which require significant financing.

He said mineral resources are at the core of technologies driving electrification and digitalization, and form the foundation of industrial development and future jobs in both producing and consuming countries, making them a key driver of global growth.

Alkhorayef noted that joint work over the past five years had delivered progress beyond expectations, adding that details of these achievements were documented in a booklet provided to participants.

He cited cooperation with the World Bank to address the financing gap in mineral exploration and the elevation of infrastructure financing on the global agenda.

He said efforts also included leading a new dialogue focused on transparency and supply chain traceability, developing standards that reflect current realities, and establishing a network of centers of excellence to build capabilities in talent, sustainability, and technological empowerment.

These initiatives, he said, embody the roundtable’s goal of finding common ground on difficult issues, aligning supplier and consumer countries, and bringing governments, industry, and multilateral organizations under one roof.

The minister praised the participation of a large number of ministers and representatives, whether attending for the first time or regular participants, saying the turnout reflected the importance of joint international action.

He recalled that the first Future Minerals ministerial roundtable, hosted in 2022, brought together 32 countries and focused on what was then known as the “greater region,” encompassing Africa, West, and Central Asia.

Today, senior representatives from over 100 countries and 70 international organizations are participating.

Global development
The expanded participation came in response to requests from countries in other regions, such as Latin America, reflecting the global importance of the dialogue and participants’ ability to shape solutions, Alkhorayef added.

He pointed to growing interest from consuming countries in engaging in the discussion, noting that the table today brings together representation from all G20 countries alongside producers and consumers, underscoring that the right dialogue is taking place with the right parties at the right time and place.

This presence reflects a shared responsibility to shape a new era of global development, prosperity, and stability through the use of minerals, he remarked, emphasizing that minerals are the cornerstone of global development.

At the same time, the minister acknowledged challenges including slow project development, fragmented global policies, infrastructure gaps, financing constraints, and a lack of trust in the sector.

None of these challenges can be addressed individually, he explained, adding that genuine, well-designed cooperation among the countries gathered can make a difference.

Alkhorayef urged participants to use their shared time wisely, adopt a long-term mindset, and engage in frank, practical discussions that lead to a vital action agenda for the planet’s future, emphasizing that collective action is the foundation for securing the mineral supplies the world needs.

Supply chains

Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer reviewed progress made in 2025 across the three ministerial roundtable initiatives: developing an international framework to scale up infrastructure financing and align enabling government policies, building capabilities in emerging supply regions through a network of centers of excellence, and enhancing transparency of mineral supply chains through traceability.

He stated that the world requires more than $5 trillion to meet its energy needs by 2035, encompassing both electricity and infrastructure, noting that this capital requirement applies to over 20 mining companies amid significant financing challenges.

Al-Mudaifer spoke about developing the Global Mining Framework announced by Saudi Arabia last year to maximize value creation in supplier countries, stressing the importance of cooperation at the meeting to confront this major challenge and agree on key enablers to seize opportunities.

He outlined policies that support supply chain development, value creation for the sector, enabling infrastructure, responsible mining practices, skills development for a qualified workforce, the technology needed to make operations safer and more productive, and easier access to reliable geological data to attract investors and accelerate exploration.

Future minerals framework

He presented for discussion a draft of the Future Minerals Framework, which outlines principles and objectives and initiates a process to enhance cooperation between supplier and consumer countries to develop mineral supplies.

The framework aims to boost cooperation between producing and consuming countries by creating an inclusive, multi-stakeholder space that brings together decision-makers to discuss complex challenges and identify solutions to secure the minerals needed for development.

It seeks to attract investment to develop mineral value chains and infrastructure in the “super region” spanning Africa, West and Central Asia, and other supply regions, maximize regional mineral value chains, and drive local value creation through infrastructure financing and cross-border partnerships.

It aims to establish an attractive investment ecosystem for public and private financing, promote responsible supply through transparency and traceability, integrate sustainability priorities across all stages of mineral value chains, build capacities and policy frameworks, and empower emerging supplier countries to maximize the benefits of their mineral wealth.

The framework is based on voluntary participation, consensus-based decision-making, transparency, accountability, and fair benefit sharing, as well as adherence to international responsible sourcing frameworks and cooperation with industry, multilateral partners, and civil society.

The framework represents the culmination of work carried out by the Future Minerals Forum since 2023, with initiatives reaching a level of maturity that requires active state participation in implementation through an agreed structure and mechanism overseen by the steering committee.

It also allows for the integration of new initiatives adopted by the ministerial roundtable.

The World Bank Group presented a new minerals strategy focused on supporting countries in strengthening mineral development and value chains, from extraction and processing to regional manufacturing, to create greater local value and jobs.

The strategy is built on three pillars: policies, governance and institutions, core infrastructure, and private sector mobilization and innovation.

Participants welcomed the strategy and stressed the importance of the forum’s partnerships with multilateral organizations, including the World Bank Group, in developing innovative mechanisms to finance infrastructure that supports the resilience of global supply chains.

Voluntary standard

The voluntary standard will complement existing standards and draw on the forum’s sustainability framework, which is built on four priorities identified by countries: development, cooperation, capacity building, and performance.

The development of the voluntary standard is expected to take approximately two years, enabling countries to design legal, policy, and regulatory frameworks that enhance supply chain transparency and boost investor confidence.

The work will be coordinated through a sustainability center being established at Mohammed VI Polytechnic University in Morocco.

The sustainability center is one of the outcomes of the forum’s initiative to create a network of centers of excellence for capacity building in supply regions.

Participants praised the achievement and underscored its role in delivering tangible benefits to enhance mineral supply transparency, pledging to encourage national standards bodies in their countries to take part in the process.



Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
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Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.


Tech Hit by New AI Worries on Positive Day for Most Markets

Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
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Tech Hit by New AI Worries on Positive Day for Most Markets

Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP

Tech firms tumbled Thursday as investors contemplated the outlook for the AI boom after Democrats swept the US midterms, partly on the back of growing anger over the rapid building of data centers across the country.

However, broader markets mostly rallied and oil plunged after Donald Trump's Republicans were dealt a historic defeat that was blamed on high prices, tariffs and the Iran war.

The result stoked hopes he will look to wind down the Middle East conflict, which would help temper inflation and even soften his stance on trade.

But AI-linked firms came under the cosh amid fears for planned data center construction projects as well as renewed scrutiny from newly installed Democrats on Capitol Hill.

The sector had already been in the crosshairs of investors owing to questions about the vast sums pumped into new facilities, R&D and chip development, and when any companies would see a profit.

Charu Chanana at Saxo Markets said the vote was accelerating a reassessment of AI that was already under way.

"A Democratic Congress introduces another layer of uncertainty: regulatory scrutiny," she wrote, adding that the three main risks were more oversight, data center restrictions and capital spending uncertainty.

"The congressional scrutiny could accelerate demands for AI safety standards, independent model evaluations and greater accountability for data center developers," she added.

However, she also said: "This is not the same as an outright anti-AI policy agenda. AI is strategically important for US competitiveness, particularly against China, and there remains considerable bipartisan interest in maintaining American leadership."

Chip firms were hammered in Asia, with South Korea's SK hynix off more than seven percent and Samsung 5.5 percent down.

Tokyo-listed Kioxia dived more than 13 percent and Advantest tanked 14.7 percent, while Tokyo Electron lost more than nine percent and SoftBank 6.8 percent.

US Nasdaq futures fell more than one percent.

Broader markets performed better as investors rotated into other sectors including finance, auto, mining and manufacturing names.

Seoul, the poster child of the AI-led surge in the first half of the year, shed more than five percent, while Taipei lost more than three percent. Tokyo gave up 1.8 percent.

But there were healthy gains in Hong Kong, helped by hopes for an easing of trade tensions between the US and China, with tech titans including Alibaba, JD.com and Tencent leading the way amid a shift into beaten-down regional stocks.

Shanghai, Sydney, Singapore, Wellington, Mumbai, Jakarta and Manila also advanced.

Oil continued to fall after diving more than eight percent Wednesday on the US result amid optimism Trump will seek a deal to end the Iran war, which has been a key driver of the inflation spike that has hammered US consumers.

Hopes were given a boost when Vice President JD Vance said in a social media post that the Republican defeat was due to the unpopularity of the eight-month-old conflict.

The drop in crude prices -- both main contracts are now below $100 for the first time since the start of October -- has also tempered inflation worries and, in turn, Treasury yields, which dipped again Thursday.

The lower cost of borrowing has also been helped by the prospect that gridlock on Capitol Hill would lead to less spending.

That also weighed on the dollar, which held losses against its peers in Asian trade.


Türkiye Showcases Renewables Surge, but Leaves Coal Intact

Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
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Türkiye Showcases Renewables Surge, but Leaves Coal Intact

Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP

On a windy hillside about an hour's drive northwest of Istanbul, the Catalca power plant was one of Türkiye's first large-scale wind farms and has been feeding electricity into the grid for 18 years.

With an installed capacity of 93 megawatts, it generates 287 million kilowatt-hours of electricity a year, enough for around 115,000 households, said AFP.

"By replacing electricity that would otherwise come from fossil fuel-fired power plants, this output avoids 185,936 tons of carbon emissions each year," operator Sanko Enerji says.

Nearly two decades on, Catalca is one of nearly 300 wind farms, its giant turbines a symbol of the rapidly expanding capacity for renewable energy in Türkiye which is hosting the COP31 UN climate summit that opens in Antalya on Monday.

Last year, 43 percent of Türkiye's electricity came from clean energy sources, of which wind and solar accounted for 22 percent, according to energy think tank Ember.

With electrification emerging as one of the central themes of COP31, Türkiye has been pushing hard for it to be an implementation-focused summit that turns existing climate pledges into action.

Energy Minister Alparslan Bayraktar has outlined plans to triple Türkiye's installed solar and wind capacity from around 40 gigawatts to 120 gigawatts by 2035.

But with coal still the leading source of power generation, Türkiye is under pressure to pair its impressive renewables growth with a definitive shift away from fossil fuels.

Not only is it still building coal-fired power plants, it has yet to set a date to phase out fossil fuels.

- Coal still dominant -

"Türkiye's continued reliance on coal, alongside plans for further expansion, highlights the contradiction at the heart of its current trajectory," Duygu Kutluay of Beyond Fossil Fuels told AFP.

Embracing an electrification agenda alone did not amount to a genuine energy transition because "coal remains the country's largest source of electricity generation", she said.

Coal-fired power plants accounted for 33.5 percent of Türkiye's electricity production in 2025, energy ministry figures show, with Ember saying almost two-thirds of its coal was imported.

Plans to expand coal capacity "risk locking in further fossil-fuel dependence", she warned.

"As Türkiye increases renewable capacity, it must ensure clean electricity replaces fossil-fuel generation rather than simply meeting additional demand," Kutluay said.

The challenge is not only expanding renewables but establishing "a clear pathway to phase out coal".

Asked about Türkiye's continuing reliance on coal, Bayraktar told AFP in February that Ankara prioritized securing affordable energy supplies and reducing dependence on imports.

"Coal can initially be replaced with gas, but in the medium and long term it can be substituted with nuclear," he said.

Ibrahim Erden, president of the Turkish Wind Energy Association, said every country's transition was different with "no single path that suits everyone".

- Need for investment -

Emin Emrah Danis, chief executive of MOBEN consultancy, said Türkiye's energy policy was shaped by rising electricity demand and the need for "baseload" generation to deliver constant power around the clock.

"This is why Türkiye has invested heavily in gas- and coal-fired power plants over the past 30 years," he told AFP.

"For coal's share of power generation to fall to meaningful levels, Türkiye needs substantial investment in electricity storage and nuclear power," he said, referring to battery storage for renewable power.

Türkiye is currently putting the finishing touches on the first reactor of its Akkuyu nuclear power plant, which should be online by the start of 2027, Bayraktar told an energy summit last week.

But Türkiye's nuclear expansion, with two more plants in the pipeline, was unlikely to add enough baseload capacity to replace coal-fired electricity generation before around 2040, Danis said.

And coal would likely remain part of the energy mix for decades, with the need for baseload power and dependence on imports making a full phase-out infeasible before "the mid-2050s".

Türkiye relies heavily on imports of oil, natural gas and coal from countries like Russia, Iran and Azerbaijan.

Erden said infrastructure updates were essential to give greater place to renewables.

"We cannot simply shut down coal-fired power plants today and rely solely on wind and solar energy ... The technological and physical infrastructure is not yet capable of supporting that."

Beyond the climate argument, geopolitical tensions have also strengthened the case for domestic renewables.

"Renewables ... are not only one of the most effective tools for tackling climate change, but also an important means of strengthening energy security and reducing dependence on foreign supplies," he said.