Several ministers underlined the necessity of integrated work to explore the mining wealth in the region, including critical minerals, noting that Saudi Arabia has deployed extensive efforts in localizing and investing in this industry.
A ministerial meeting was held, on the sidelines of the third edition of the Future Minerals Forum, which kicked off on Tuesday in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.
Flow of investments
In remarks to Asharq Al-Awsat, Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the sector was facing great challenges represented by the flow of investments, in addition to defining the nature of critical minerals on the one hand, and the means to extract them with high efficiency on the other, as well as economic aspects.
He added that the government aims for the mining sector to become the third pillar of industries, pointing to several achievements in this regard, including the geological survey project. He explained that a recent assessment of mineral resources would be announced during the conference, which exceeds the previously estimated amount of SAR 5 trillion ($1.3 trillion).
The minister noted that the Kingdom, after issuing the new mining investment system, witnessed a great demand from international mining companies to enter the local market.
He stressed that the new system was considered one of the best in the world in terms of transparency and clarity, as well as the speed of issuing necessary licenses and the relevant taxes that are considered the lowest among countries in the world.
Solar energy
In turn, the Egyptian Minister of Petroleum and Mineral Resources, Eng. Tarek El-Mulla, told Asharq Al-Awsat that the African continent was rich in various and critical minerals, pointing to the importance of exploiting these resources to work on transitional and solar energy, batteries and other materials that are necessary to reduce emissions and the use of fossil fuels.
Al-Mulla revealed the signing of a memorandum of understanding with his Saudi counterpart for technical and geological cooperation in potential manufacturing operations using natural resources in both countries, and also with regard to the training, research and studies.
Libyan Minister of Industry and Minerals Ahmed Abu Hisa said that his country was following the industrial revolution in the Kingdom, stressing that Libya aspires to have a share in these investments in the field of manufacturing, innovation, research and geological development.
Supply chains
Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khaled Al-Mudaifer emphasized the possibility to create unprecedented opportunities out of the challenges facing the sector, with the aim to increase investments and build capabilities to meet the growing global demand.
The goal of the ministerial meeting is to support supply chains by focusing on increasing investments and capacity building, he said, stressing the need for integrated work to meet the need for building materials and infrastructure.
“We will build a global framework for minerals in order to set policies and accelerate exploration and extraction operations, as we are on the verge of a new era in the mining sector and metals industry,” Al-Mudaifer told Asharq Al-Awsat.
The Future Minerals Forum 2024, which is held on Jan. 10-11, is hosting more than 15,000 participants from 145 countries, and more than 200 speakers, including CEOs of major companies working in the mining industry, the metals and the finance sector.
