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.



Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
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Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS

Japan unveiled a five-year goal on Saturday for business projects totalling $19 billion in Central Asia as Tokyo vies for influence in the resource-rich region.

The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- in Tokyo.

Japan "set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia", a joint statement said after Takaichi wrapped up her meeting with the five leaders.

Like the United States and the European Union, Japan is drawn by the region's enormous, but still mostly unexploited, natural resources in a push to diversify rare earths supplies and reduce dependence on China, AFP reported.

"It is important for Central Asia, blessed with abundant resources and energy sources, to expand its access to international markets," the statement said.

The leaders agreed to promote cooperation that can help the "strengthening of critical minerals supply chains", while also pledging to achieve economic growth and decarbonisation.

They also held separate summits with Russia's Vladimir Putin, China's Xi Jinping and EU chief Ursula von der Leyen this year.

The summit was seen as important for Japan to increase its presence in the region, said Tomohiko Uyama, a professor at Hokkaido University specializing in Central Asian politics.

"Natural resources have become a strong focus, particularly in the past year, because of China's moves involving rare earths," Uyama told AFP on Friday, referring to tight export controls introduced by Beijing this year.

The leaders agreed on Saturday to expand cooperation regarding "Trans-Caspian International Transport Route", a logistics network connecting to Europe without passing through Russia.

Efforts towards "safe, secure, and trustworthy Artificial Intelligence" were also agreed.

Tokyo has long encouraged Japanese businesses to invest in the region, although they remain cautious.

Xi visited Astana in June, and China -- which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan -- has presented itself as a main commercial partner, investing in huge infrastructure projects.

The former Soviet republics still see Moscow as a strategic partner but have been spooked by Russia's invasion of Ukraine.

Other than rare earths, Kazakhstan is the world's largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas.

Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.

However, exploiting those reserves remains complicated in the harsh and remote terrains of the impoverished states.


World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
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World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic ⁠Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said. Of this amount, $600 million will go for federal programs and $100 million will ⁠support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented ⁠regulation, opaque budgeting and political capture are curbing investment and weakening revenue. Regional tensions may surface over international financing for Pakistan.

In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.


Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
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Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.