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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)
    Riyadh - Fatehelrahman Yousif Youssef, Bandar Al-Mosalam
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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.

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Business

Aramco Confronts Repercussions of War with Emergency System as Markets Await Its Results

Pipelines in the Saudi desert. (Aramco)
Pipelines in the Saudi desert. (Aramco)
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Aramco Confronts Repercussions of War with Emergency System as Markets Await Its Results

Pipelines in the Saudi desert. (Aramco)
Pipelines in the Saudi desert. (Aramco)

As markets anticipate Saudi Aramco's announcement of its financial results for the third quarter of 2026 on Tuesday, the repercussions of the US–Israel war on Iran stand out as one of the most prominent factors testing the company's ability to maintain its operations and the flow of its supplies to global markets.

Despite attacks that struck oil facilities and disruptions to shipping traffic through the Strait of Hormuz since the outbreak of the war on February 28, the company continued to rely on a system of infrastructure and operational alternatives developed over decades. These measures included pipelines, alternative export outlets, and international inventories, alongside accelerating repairs to damaged facilities and sourcing maintenance requirements locally.

Chief among these alternatives is the East–West pipeline, which transports crude oil from the Eastern Region to the port of Yanbu on the Red Sea, bypassing the Strait of Hormuz and providing an export outlet when navigation through the strait is disrupted.

The importance of this route stems from advance planning to diversify export outlets. This was underscored by Saudi Minister of Energy Prince Abdulaziz bin Salman at the International Petroleum Conference in October 2026, when he stressed the need for providing alternatives before crises occur, pointing to the role of strategic infrastructure in boosting the security of energy supplies.

In parallel with these alternatives, Aramco bolstered its measures to manage attacks and disruptions by accelerating the repair of damaged facilities, securing maintenance materials and spare parts locally, and utilizing crude inventories both inside and outside the Kingdom. The company is also studying additional options to transport oil away from maritime corridors that are vulnerable to disruption.

Saudi Minister of Energy Prince Abdulaziz bin Salman at the International Petroleum Conference in October 2026. (SPA)

These measures take on particular significance in light of the repercussions of the war that broke out on February 28, which extended to oil facilities in the Gulf, coinciding with the disruption of shipping traffic through the Strait of Hormuz and escalating concerns over the continuity of supplies to global markets.

Aramco's facilities were among those targeted by the attacks. Two days after the outbreak of the war, the Ras Tanura refinery was targeted by two drones that were intercepted. Their debris caused a limited fire and minor damage, without affecting the supply of petroleum products to the domestic market.

In confronting these risks, the company focused on accelerating damage repair and restoring operations, while ensuring the continuous flow of oil to global markets.

Aramco's President and CEO Amin Nasser revealed aspects of these preparations in a Reuters interview published on October 15. The measures included utilizing drones to assess damage, securing repair materials, and deploying specialized teams to handle multiple incidents simultaneously.

Response teams and repair inventories

Aramco has bolstered its incident response capabilities and accelerated the repair of damaged facilities through an emergency system that includes specialized teams, inventories of repair materials and spare parts, and tools to assess damage and determine technical requirements.

Nasser explained that Aramco developed specialized rapid-response teams following the 2019 attacks targeting the Abqaiq oil processing facility, and has since worked to boost its readiness to handle incidents, including simultaneous ones.

According to Nasser, the company produces locally or maintains in its warehouses approximately 90 percent of the materials required for repairs, which reduces reliance on imports and speeds up the restoration of operations.

Nasser said Aramco's response speed is more than six times the industry average, allowing damaged facilities to resume operations within days in many cases.

The emergency system is not limited to facility repairs, but also encompasses business continuity plans, the utilization of domestic and international inventories, and multiple routes for transporting and exporting crude oil, which helps the company maintain supplies despite production and shipping disruptions.

Aramco's President and CEO Amin Nasser at a petroleum conference in Riyadh. (Asharq Al-Awsat)

Restoring the capacity of the East–West Pipeline

With growing reliance on the East–West pipeline to bypass shipping disruptions through the Strait of Hormuz, its role has emerged as a primary corridor for transporting oil from the Eastern Region to the port of Yanbu on the Red Sea, and from there to global markets.

However, this route was not immune to the repercussions of the war; one of its pumping stations was attacked in April, which reduced flows by around 700,000 barrels per day. On April 12, the Ministry of Energy announced the restoration of the pipeline's full operational capacity, which stands at around seven million barrels per day.

The concept of establishing the pipeline dates back to the early 1980s during the Iraq–Iran War, when Saudi Arabia, under the directives of King Fahd bin Abdulaziz, decided to diversify its oil export outlets in anticipation of shipping disruptions in the Gulf. In 1995, its capacity was raised to around five million barrels per day, as reviewed by Energy Minister Prince Abdulaziz bin Salman during the International Petroleum Conference in October 2026.

Infrastructure readiness

On April 9, the Ministry of Energy announced that the targeting of a pumping station reduced pipeline flows by some 700,000 barrels per day, while subsequent attacks also impacted production at the Manifa and Khurais fields. Just three days later, the Ministry confirmed the restoration of full pumping capacity on the East-West pipeline and the recovery of affected production at the Manifa field, with work ongoing at the Khurais field.

In September, the pipeline was preemptively shut down to verify its safety following a new attack. On October 6, the Minister of Energy said operations had resumed within five to six days, with flows reaching around 5.8 million barrels per day, compared to its maximum capacity of seven million barrels per day.

These developments reflect the importance of rapidly repairing pumping stations and restoring operations at a time of increased reliance on export routes via the Red Sea to compensate for shipping disruptions in the Strait of Hormuz.

An integrated system

In its announcement of first-quarter results for 2026, Aramco said that it had activated business continuity plans to manage the repercussions of the war. The company utilized the East–West pipeline along with domestic and international storage capacities, in addition to leveraging the diversity of its assets and infrastructure.

In a speech delivered in London on October 5, Nasser stated that the company's resilience also relies on global strategic inventories, spare production capacity, multiple grades of crude, domestic gas inventories, and the Bahri tanker fleet. Facility preparations also encompass backup equipment and the segregation of critical utilities to limit the impact of disruptions.

Storage facilities at Ras Tanura. (Aramco)

Additional export options

Alongside boosting the efficiency of existing infrastructure, Aramco is studying additional options to transport oil to global markets, aiming to reduce reliance on maritime corridors vulnerable to disruption.

Nasser stated that the company is exploring alternative routes without disclosing their details, explaining that they will be announced once a final decision is reached.

This coincides with a Saudi push to expand oil transport capacity through pipelines. In statements made in October, the Minister of Energy spoke of a target to increase the capacity of oil export pipeline routes to ten million barrels per day, as part of ongoing efforts to bolster supply security.

Diversifying crude transport options enables the rerouting of exports when certain pathways are disrupted and mitigates dependence on vital maritime checkpoints, while expanding the pipeline network introduces an additional layer of readiness to counter supply disruptions.

Overseas inventories

Supply management options during crises are not limited to altering transport routes. Storing crude oil outside the Kingdom allows volumes to be held close to consumer markets, providing greater flexibility in meeting customer needs when shipping lanes are disrupted or tanker arrivals are delayed. Saudi Aramco is actively seeking to expand these options, with its latest step coming via an initial understanding with Singapore.

On October 26, Saudi Arabia and Singapore announced an initial understanding to store Saudi crude oil in the Jurong Rock Caverns on Singapore's Jurong Island.

The facility is located underground at a depth of around 150 meters, with a total capacity of nearly nine million barrels of liquid hydrocarbons. The storage of Saudi crude oil at the facility is expected to begin during the second half of 2027.

Singapore is not the company's only international storage point, as Aramco maintains storage arrangements in Okinawa and Kiire in Japan, Ulsan in South Korea, Rotterdam in the Netherlands, and facilities linked to the Sumed pipeline system in Egypt. These strategic locations keep crude close to consumption centers and provide vital alternatives for meeting customer demand during shipping disruptions.

Business

Saudi Market Rises 0.35% to 9,873 Points in Early Trading

An investor walks past the "Tadawul" logo in the Saudi market (Reuters)
An investor walks past the "Tadawul" logo in the Saudi market (Reuters)
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Saudi Market Rises 0.35% to 9,873 Points in Early Trading

An investor walks past the "Tadawul" logo in the Saudi market (Reuters)
An investor walks past the "Tadawul" logo in the Saudi market (Reuters)

Saudi Arabia’s benchmark stock index, the Tadawul All Share Index (TASI), rose 0.35% to 9,873 points in early trading on Monday, gaining 34.87 points from its previous close of 9,838.

Cisco Holding led the gainers, rising 6.66% to 35.22 riyals, followed by Miahona, which climbed 4.72% to 42.12 riyals.

Riyadh Cables advanced 4.02% to 96.95 riyals.

Among the decliners, GIG led losses, tumbling 9.01% to 25.66 riyals, followed by Bawan, down 6.25% at 23.72 riyals. Tasheel also shed 4.46% to 19.08 riyals.

Business

Gold Rises on Softer Oil; Markets Parse Fed Signals

A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
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Gold Rises on Softer Oil; Markets Parse Fed Signals

A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)

Gold prices bounced on Monday, after a selloff in the previous session, as weaker oil prices tempered inflation concerns, while investors assessed comments from the Federal Reserve for clues on the path of US interest rates.

Spot gold rose 0.8% to $3,903.90 per ounce by 0757 GMT, after hitting a one-year low in the previous session. US gold futures for December delivery gained 0.4% to $3,913.20.

Bullion ‌slumped 3.5% ‌to its lowest since October 2025 on Friday, ‌falling ⁠below its key $4,000 ⁠per ounce level amid a selloff in technology stocks that led to margin calls, and the forced sale of safe-haven assets such as gold.

"We're just getting a bounce after the selloff, along with oil prices coming off to start the week, which is providing a little bit of a relief for ⁠precious metals generally," said Kyle Rodda, senior financial market ‌analyst at Capital.com.

Oil prices fell ‌more than 3% after Reuters reported that Iranian negotiators were in ‌Doha on Sunday for a third consecutive day of talks ‌with Qatari mediators aimed at pushing for a deal to end the US-Israeli war on Iran.

Elevated energy prices often raise the expectation that the Fed will keep interest rates higher for longer, increasing the opportunity ‌cost of holding non-yielding bullion.

Investors are now focusing on the November 3 US midterm elections ⁠and their ⁠potential impact on fiscal policy and broader market sentiment.

Meanwhile, a trio of Fed officials made the case on Friday for more interest rate increases to combat high levels of inflation, in the first round of commentary made by central bankers after last week's monetary policy meeting at which policymakers left short-term borrowing costs steady.

"Gold faces a difficult near-term environment in which technical selling and liquidity concerns are overshadowing its longer-term investment appeal," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.

Spot silver climbed 2.5% to $50.33 per ounce, platinum steadied at $1,431.50 and palladium gained 0.9% to $986.00.