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Saudi Arabia Calls for Permanent Int’l Model for Global Mining

Saudi Arabia Calls for Permanent Int’l Model for Global Mining

Thursday, 13 January, 2022 - 06:45
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef giving his opening speech at an international mining conference in Riyadh, Asharq Al-Awsat

Saudi Arabia called on Wednesday for the establishment of a permanent international model for multiple stakeholders in the international mining sector. The Kingdom indicated that such a move would enhance cooperation on the future of minerals regionally and globally.

Riyadh confirmed that the proposal came in the context of sensing responsibility in the need for cooperation to achieve growth and prosperity, considering the challenges of meeting the growing global demand for minerals.

Demand for minerals has increased as the world shifts to fields of advanced industry, clean energy, and zero-carbon ambitions.

The Kingdom’s invitation was made at an international mining conference launched in Riyadh on Wednesday.

At the conference’s opening speech, Minister of Industry and Mineral Resources Bandar Al-Khorayef confirmed that the Kingdom aims to contribute to responding to the future needs of the mining sector by bringing together multiple stakeholders, including governments, investors, financial institutions, service providers, and manufacturers.

It wants to do so by providing a platform for collaboration that would chart a future roadmap.

“Today, we have the opportunity to contribute to the provision of vital minerals and to benefit from the mining sector to be a major economic driver in the countries of the region,” said Al-Khorayef.

The Saudi minister pointed out that the Kingdom is witnessing a significant transformation at various levels with the launch of Vision 2030.

The national transformation plan is keen on expanding Saudi Arabia’s economic base, achieving economic diversification. It also focuses on developing the mining sector through one of the most extensive programs in the Kingdom, the National Industrial Development and Logistics Program.

“We view mining as a pivotal and promising sector, as the value of the Kingdom’s mineral wealth is estimated at more than 1.3 trillion dollars,” said Al-Khorayef.

The program looks to transform the Kingdom into a leading industrial power and a global logistics platform. According to the scheme, mining is set to be the third pillar of Saudi Arabia’s national industry.

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