Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
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Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)

The Future Minerals Forum, which concluded in Riyadh on Thursday, stressed the importance of adopting a road map to support smart mining, while reducing the costs of green hydrogen and developing the use of hydrogen to reach a carbon-free mining sector.

Participants in the conference emphasized the role assumed by Saudi Arabia to promote the sector and its endeavor to transform the region into a global center to stimulate and maximize the added value of green minerals, as well as to encourage innovation and create carbon-free minerals.

Mining strategy

Prince Sultan bin Khalid, CEO of the Saudi Industrial Development Fund (SIDF), pointed to the Kingdom’s major investments in hydrogen and solar panel facilities, pointing that the mining strategy included many initiatives that encourage sustainability.

During his participation in a session entitled, Developing and Promoting Investment in Mineral Value Chains, Prince Sultan bin Khalid noted that mining was the third pillar of the Kingdom’s Vision 2030.

He revealed that since the launch of Vision 2030, the funding dedicated to this sector has been increased to reach SAR 10 billion ($2.7 billion).

New and updated mining legislation uses a transparent regulatory framework, based on appropriate sustainability and social impact principles, the CEO of SIDF said. He noted that since its establishment in 1974, the fund has played a pivotal role in industrial finance, and contributes to supporting many sectors, including mining, logistics and energy.

Job opportunities

Farah Ismail, Undersecretary of the Saudi Ministry of Economy and Planning for Sectoral and Regional Development Affairs, highlighted the growth of major opportunities in the Kingdom’s mining industry, expecting the sector to provide more than 250,000 jobs by 2030.

Ismail said that Saudi Arabia has developed an adequate regulatory and legislative framework and launched economic and social reforms to achieve its vision, in addition to reviewing the plan to align the sector integration with its investment strategy.

For his part, Eng. Saad Alkhalb, Executive Director of Saudi EXIM Bank, pointed to the opportunities provided by the Kingdom’s mining sector and emphasized the importance of strengthening partnerships with investors, suppliers, exporters and financial institutions.

Green energy

Experts and heads of international companies in the field of mining underlined on Thursday the power of hydrogen and green minerals, the importance of using clean energy in industry, and the need for concerted efforts for discovery and exploration, as well as human capital planning.

Moreover, the participants stressed the importance of promoting research and integration across industries to reach zero emissions by 2060, and activating the role of the private sector in this context.

The conference featured two sessions on hydrogen and alternative energy: the first was entitled, The Region as a Power for Hydrogen and Green Minerals…Integration of Alternative and Renewable Energies in the Value Chain, while the second session was entitled, Hydrogen and the Value Chain.

Roadmap
The first session called for the importance of adopting a roadmap to support smart mining, while the second discussed the analysis of the commercial feasibility of hydrogen applications, costs of green hydrogen, and means to use hydrogen to decarbonize the mining sector.

Participants in a dialogue session on Thursday shed light on the need to overcome challenges facing alternative and renewable energy and supply chains in light of the current crises and the Russian-Ukrainian war. They stressed the importance of offering new solutions to revitalize and develop carbon activities, while valuing the incentives and enablers provided by the Kingdom in direction.

Green minerals

In the session titled, The Region as a Powerhouse for Hydrogen and Green Minerals…Integration of Alternative and Renewable Energies in the Value Chain, the speakers noted that the market would allow the adoption of modern technologies and activate the role of the private sector, stressing the pivotal role of governments in accelerating initial experiments of new technologies.

Participants acknowledged the importance of Saudi initiatives and their role in facilitating the mining process, in accordance with the Kingdom’s Vision 2030, starting with hydrogen production in NEOM, energy programs and activities, and the manufacture of electric vehicles.

Highlighting the potential

The second edition of the Future Minerals Forum, which concluded on Thursday, highlighted the potential of participating countries, specifically the region extending from Africa to West and Central Asia, to discover key minerals, in a way that contributes to a sustainable energy transition.

Participants pointed to the importance of using clean energy and achieving zero emissions by 2060, while activating the role of the private sector in this context.

Eng. Khaled Al-Jasser, Saudi Minister of Transport and Logistics, said that his country has an advanced infrastructure in terms of ports, railways and road networks.

For his part, Abdessalam Ould Mohamed Saleh, Mauritania’s Minister of Petroleum, Mines and Energy, stressed the importance of the conference, which he said brings together officials and major companies to highlight the possibility of countries in the region to discover their mineral wealth and achieve an energy transformation that guarantees the continuity of life on the globe.

Wealth value

For his part, Eng. Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources, stated that work was underway to maximize the value of mineral resources to obtain manufactured final products through the integration of efforts, starting from mineral exploration to production and export.

He added that a quantum leap can be made in social benefits and the exploitation of existing resources, pointing to huge potentials and capabilities in the sector.

Biological base

Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, stated that one of the Kingdom’s most prominent efforts was to invest $700 million in developing the national geological database that will cover the Arab Shield, which extends over an area of 700,000 square kilometers and will be completed by 2025.

He added that his country was making great efforts to enhance the legislative environment for investment in mining by introducing new laws and regulations, which take into account the interests of investors, enhance transparency, and provide access to national geological data, as well as providing incentives and infrastructure to establish a pioneering mining sector at the global level.

Al-Mudaifer added that confidence in the future of mining was important for developing a mining strategy, in addition to maintaining dialogue and cooperation to create processes that enhance the trust of local communities and ensure environmental protection.



Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
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Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Oil prices fell 2% on Friday, extending losses for a third straight session as easing concerns over Saudi supply disruptions outweighed anxiety about a widening of conflict across the Middle East.

Brent crude futures fell by $2.14, or 2%, to $102.68 a barrel by 0806 GMT. US West Texas Intermediate futures fell $1.83, or 1.8%, to $100.08, Reuters reported.

Benchmark Brent prices are on track for their first weekly loss in three.

Prices climbed to close to four-month highs earlier in the week after sources said crude loadings ⁠at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh cancelled some deliveries to Europe after its East-West pipeline was damaged in an attack last week.

However, prices have cooled since on reports that Saudi Arabia was seeking to restore about half the capacity of its East-West oil pipeline within days.

Saudi Arabia has sold about 60 million barrels of crude from its Gulf port of Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday.

The rebound in Saudi Aramco's exports from inside the Gulf to between 1 million to 1.5 million barrels per day on average, similar to or slightly higher than August's levels, has cooled global oil prices as it could make up for some of the ⁠volume lost at its port of Yanbu.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan, said the sources, who spoke on condition of anonymity.

"Recent efforts ‌to restore Saudi export capacity have reduced some of the immediate supply ‌anxiety," said Priyanka Sachdeva, head of market insights at Phillip Nova.


ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
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ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)

European Central Bank President Christine Lagarde on Friday kept the door open to leaving her post early, replying "we'll see" when asked if she would remain in the position until her term ends ‌in October 2027.

"I ‌leave in ‌2027," ⁠Lagarde told Irish ⁠national broadcaster RTE in response to a question on rumors of her early resignation that have persisted for most ⁠of this year.

When asked ‌if ‌that meant October 2027, ‌Lagarde replied: "We'll see."

"What I ‌can tell you at this point is that whatever the time, it will be ‌handled in the most professional way as ⁠it should ⁠be," she added.

Sources told Reuters this week that France would back Dutchman Klaas Knot to succeed Lagarde as part of a bargain in which a French candidate would be picked for chief economist.


5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
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5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo

Germany, Denmark, Finland, the Netherlands and Austria said on Friday the European Union's budget for 2028-2034 must be "several hundred billion euros" smaller than the €2 trillion proposed by the European Commission, drawing battle lines before EU budget talks come to a head in the next three months.

The leaders of the five countries, among the biggest net contributors to the budget, wrote in a joint op-ed in Politico that EU taxpayers ⁠cannot keep paying ⁠more to pay for both old and new priorities.

"It (the budget) is too focused on subsidies and transfers allocated largely in advance, leaving too little room for what Europe urgently needs: common investment in security and defense, competitiveness, innovation, and the fight against irregular migration," the five leaders said.

Net beneficiaries of the EU budget are concerned that ⁠would reduce EU funds for farmers and for equalizing standards of living between the poorer and richer regions of Europe -- a major political concern before parliamentary elections next year in France, Italy, Spain, Poland, Greece, Finland, Slovakia and Estonia.

The European Commission has proposed the budget should amount to €2 trillion or 1.26% of EU Gross National Income (GNI), of which some 168 billion, or 0.11% of GNI, is to service the EU's borrowing for the post-pandemic recovery fund. The five leaders called the proposed nominal increase of around 60% over the 2021-2027 budget "simply not ⁠realistic."

"This is ⁠why we call for a balanced cut to the Commission’s proposal of several hundred billion euros," Reuters quoted them as saying.

To help find a solution, Spain proposed to change the repayment schedule of part of the EU post-pandemic borrowing, linking it to economic growth and spreading it out over a longer period. This, according to Spanish Economy Minister Carlos Cuerpo, would free up some €70 billion.

"An annual payment of about 0.06% of EU GDP would retire the debt by 2058, the deadline agreed by member states," Cuerpo said.

EU governments will discuss the next EU budget at summits in October, November and December in an effort to get a deal before the end of the year.