Future Minerals Forum Develops Solutions to Meet Demands for Strategic Minerals

One of the sessions of the second and final day of the Future Minerals Forum, which was held in Riyadh (Asharq Al-Awsat)
One of the sessions of the second and final day of the Future Minerals Forum, which was held in Riyadh (Asharq Al-Awsat)
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Future Minerals Forum Develops Solutions to Meet Demands for Strategic Minerals

One of the sessions of the second and final day of the Future Minerals Forum, which was held in Riyadh (Asharq Al-Awsat)
One of the sessions of the second and final day of the Future Minerals Forum, which was held in Riyadh (Asharq Al-Awsat)

The Future Minerals Forum concluded on Thursday following dialogue sessions that presented solutions to address challenges and highlighted the importance of meeting the increasing demand for strategic minerals.

Held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, the two-day forum highlighted the necessity to enhance technological innovations, and the importance of providing stable supplies of batteries for recycling, to advance the industry and achieve its long-term goals, as well as the need for critical minerals to achieve the energy transition.

At the conclusion of the conference, Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the event has become a rich platform for the advancement of the industry worldwide.

He added that mining in Saudi Arabia witnessed an accelerated movement in less than three years, with the support of the government, noting that the future goal lies in making the sector have a real impact on the Kingdom’s social and economic life.

Leaders and officials at the forum stressed the need to make parallel efforts while expanding the scope of the industry in a geopolitically independent manner, emphasizing the pivotal role that the mining sector plays at the environmental and social levels.

Sandstorm Royalties Senior Executive Vice President David Awram focused on the challenge of finding good governance for mining companies to achieve sustainability.

For his part, Board Member and Executive Vice Chairman of Huayou Cobalt George Q. Fang called for building a different business philosophy in the face of evolving industry challenges, pointing to the importance of working with the right partner to achieve added value.

Saudi Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah said that the human element was one of the most important factors to establish valuable supply chains.

In turn, Ibrahim Al-Nassar, the CEO of the Saudi Mining Services Company, Isnad, explained that the national strategy for developing the mining sector focuses on providing a work environment that attracts investors, adding that the sector represents the third pillar of the national industry according to Vision 2030.



Oil Prices Rise 2% as China Suspends Fuel Exports

The Klesch oil refinery, formerly BP, produces petrol, diesel, and jet fuel in Gelsenkirchen, Germany, one day before the German government starts a fuel tax discount, Wednesday, Sept. 30, 2026. (AP Photo/Martin Meissner)
The Klesch oil refinery, formerly BP, produces petrol, diesel, and jet fuel in Gelsenkirchen, Germany, one day before the German government starts a fuel tax discount, Wednesday, Sept. 30, 2026. (AP Photo/Martin Meissner)
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Oil Prices Rise 2% as China Suspends Fuel Exports

The Klesch oil refinery, formerly BP, produces petrol, diesel, and jet fuel in Gelsenkirchen, Germany, one day before the German government starts a fuel tax discount, Wednesday, Sept. 30, 2026. (AP Photo/Martin Meissner)
The Klesch oil refinery, formerly BP, produces petrol, diesel, and jet fuel in Gelsenkirchen, Germany, one day before the German government starts a fuel tax discount, Wednesday, Sept. 30, 2026. (AP Photo/Martin Meissner)

Oil prices rose around 2% on Thursday after China suspended oil products exports, potentially tightening fuel markets already coping with supply shortages globally, while investors continued to assess renewed diplomatic efforts to end the US-Iran war.

The new front-month December Brent crude futures contract traded at $100.09 per barrel at 0829 GMT, up 2.1%, or $2.06, from Wednesday's close, Reuters reported.

The November contract expired on Wednesday, settling at $103.50 per barrel, marking a monthly gain of around 14% in September for the front-month contract.

US West Texas ⁠Intermediate crude was ⁠up $2.06, or 2.28%, to $92.48 a barrel.

Prices were volatile on Thursday, having slipped more than 1% in early trading, before rebounding.

Chinese refiners have suspended exports of oil products to regions beyond Hong Kong and Macau until further notice, four people briefed on the matter said on Thursday, a move that will further crimp war-constrained fuel markets.

"The Chinese export ban suggests concerns about domestic product availability," UBS analyst Giovanni Staunovo said, adding that it remains to ⁠be seen whether the measures will support higher crude imports after recent drawdowns in Chinese crude and fuel stocks.

Global diesel supplies have tightened as a result of falling refining capacity due to attacks linked to the Middle East and Ukraine wars, raising pressure on governments to intervene to shield consumers.

The Trump administration has told Germany and France to draw down emergency diesel inventories to help ease global fuel prices or face a potential US diesel export ban, three people close to the discussions said.

European diesel refinery profit margins were trading at around $80.05 per barrel at 0829 GMT, down around 4% from the previous session. The margin hit an all-time high of $95 per barrel on September 23.

Investors ⁠continued to watch ⁠diplomacy efforts and oil exports in the Middle East.

Saudi Arabia resumed oil tanker loadings from Yanbu, Reuters reported on Tuesday, after earlier restarting operations on its East-West Pipeline.

Iran said on Wednesday it had received a US response to its latest proposal to resurrect the collapsed ceasefire in the Gulf.

However, US President Donald Trump denied reports by Axios and CNN citing US officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for "concrete" steps by Tehran on its nuclear program.


Trump Unveils $200 Billion South Korean Investment in US; Seoul Hedges on Alaska Pipeline

US President Donald Trump (L, sitting) makes an announcement in the Oval Office of the White House in Washington, DC, USA, 30 September 2026. EPA/YURI GRIPAS / POOL
US President Donald Trump (L, sitting) makes an announcement in the Oval Office of the White House in Washington, DC, USA, 30 September 2026. EPA/YURI GRIPAS / POOL
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Trump Unveils $200 Billion South Korean Investment in US; Seoul Hedges on Alaska Pipeline

US President Donald Trump (L, sitting) makes an announcement in the Oval Office of the White House in Washington, DC, USA, 30 September 2026. EPA/YURI GRIPAS / POOL
US President Donald Trump (L, sitting) makes an announcement in the Oval Office of the White House in Washington, DC, USA, 30 September 2026. EPA/YURI GRIPAS / POOL

US President Donald Trump unveiled plans on Wednesday for South Korea to invest some $200 billion in US projects, but Seoul quickly suggested one key element, a $54 billion pipeline for an LNG project in Alaska, was not yet set in stone.

The announcement from the White House amounted to the first set of major projects under a broader $350 billion strategic investment package South Korea made as part of a trade agreement with Washington last year. The package included $150 billion for shipbuilding and $200 billion for strategic investments.

"Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion," Trump said from the Oval Office.

According to Reuters, he said the investment would include the construction of eight large-scale nuclear power plants, a natural gas pipeline and a 6-gigawatt power generation facility in Texas.

The announcement is the latest in a series of economic and investment deals Trump is highlighting ahead of November's midterm elections, as he seeks to reinforce his economic ⁠record amid voter concerns ⁠over the Iran war and high gasoline prices.

The pipeline project could carry political significance in Alaska, where Republican Senator Dan Sullivan faces a competitive reelection race against Democrat Mary Peltola. Sullivan attended Wednesday's announcement.

South Korea's government, however, said the pipeline project would only go forward if certain commercial and legal conditions are met. Seoul confirmed other elements of Trump's announcement, saying it would invest $22.3 billion in a Texas gas power project to power AI data centers, as well as $120 billion to build eight nuclear reactors.

South Korea will begin reviewing the Alaska LNG project to assess its commercial viability and compliance with legal procedures, Seoul's industry ministry said in a ⁠statement.

"No decision has been made on whether to invest or on the size of the investment," it said.

South Korean President Lee Jae Myung also said in a post on X that the commercial viability of both the LNG project and the nuclear reactors must be confirmed before they proceed.

Any differences between Seoul and Washington over details of the deal could lead to disputes between the allies over its implementation, analysts in Seoul said.

The Alaska LNG project, if it ultimately goes forward, includes an 807-mile pipeline carrying natural gas from the North Slope to a liquefaction facility on Alaska's southern coast, allowing the fuel to be shipped to Asian markets.

The project is designed to transport about 3.9 billion cubic feet of natural gas per day and produce up to 20 million metric tons of LNG annually, according to the White House.

Trump has repeatedly promoted the project as a way to expand US energy exports and strengthen ties with allies including South Korea and Japan.

But the project has faced years of ⁠uncertainty over its cost, financing ⁠and commercial viability.

South Korea's industry ministry said last week that a more than 6-gigawatt gas-fired power plant in Encinal, Texas, was the first project selected under the $200 billion strategic investment program.

Japan's two biggest LNG importers, JERA and Tokyo Gas, have signed preliminary agreements to buy a combined 2 million metric tons a year from Alaska LNG if it is built.

Glenfarne, the project's developer, welcomed Trump's investment announcement. It has lined up commitments for 13 million tons a year, but needs another 3 million tons to support a final investment decision and make commitments binding.

"Glenfarne will work with the US and Korean governments to finalize the investment structure and complete the remaining steps required to reach FID," it said in a statement.

The eight nuclear plants would form part of Trump's effort to expand US nuclear generation as electricity demand rises, including from data centers and manufacturing. South Korea has been discussing a potential investment in US nuclear projects as part of the broader package.

The Texas gas-fired power project is expected to supply electricity to energy-intensive facilities, including semiconductor plants and data centers. South Korean officials have said the project was selected after reviews of its commercial viability.


Asian Shares Mostly Rise amid Market Optimism about AI, Despite Iran Worries

A financial data screen in the dealing room of Hana Bank shows the Korea Composite Stock Price Index (KOSPI) after South Korean shares closed higher in Seoul, South Korea, 23 September 2026. EPA/YONHAP SOUTH KOREA OUT
A financial data screen in the dealing room of Hana Bank shows the Korea Composite Stock Price Index (KOSPI) after South Korean shares closed higher in Seoul, South Korea, 23 September 2026. EPA/YONHAP SOUTH KOREA OUT
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Asian Shares Mostly Rise amid Market Optimism about AI, Despite Iran Worries

A financial data screen in the dealing room of Hana Bank shows the Korea Composite Stock Price Index (KOSPI) after South Korean shares closed higher in Seoul, South Korea, 23 September 2026. EPA/YONHAP SOUTH KOREA OUT
A financial data screen in the dealing room of Hana Bank shows the Korea Composite Stock Price Index (KOSPI) after South Korean shares closed higher in Seoul, South Korea, 23 September 2026. EPA/YONHAP SOUTH KOREA OUT

Asian shares mostly rose in early Thursday trading amid investor interest in technology-related issues, despite ongoing worries about the war in Iran.

Japan's benchmark Nikkei 225 jumped 2.4% in morning trading to 68,355.81. Australia's S&P/ASX 200 lost 1.7% to 8,638.10. South Korea's Kospi edged up 0.5% to 6,873.06. Hong Kong's Hang Seng added 0.4% to 24,613.27, while the Shanghai Composite gained 0.3% to 3,842.19.

In Tokyo trading, issues expected to get a boost from the solid demand in computer chips and AI-related growth have been rising in recent sessions, including Advantest Corp., Tokyo Electron and SoftBank Group Corp.

US stocks mostly fell Wednesday, despite indications that the US economy remains strong. On Wall Street, the S&P 500 slipped 0.3% to close out its third losing month in the last four. The Dow Jones Industrial Average dropped 443 points, or 0.9%, and the Nasdaq composite added 0.2%.

The report that said inflation wasn’t as bad across the United States last month as economists expected. It said the cost of living for US consumers was 3.4% higher overall in August than a year earlier. That was not as high as the 3.7% inflation rate that economists expected, even if it remained worse than the Fed’s 2% target.

In energy trading, benchmark US crude lost 0.56% to $89.91 a barrel. Brent crude, the international standard, fell 0.35% to $97.69 a barrel.

Oil prices have been swinging wildly in recent months amid uncertainty about when the war with Iran will allow the flow of crude to be fully restored. Iranian officials indicated Wednesday they have received an official US response to Tehran’s latest proposal to end the seven-month war. The officials did not say what the latest response contained and whether it was a rejection.

US President Donald Trump publicly rejected Iran's proposal just days earlier to reopen the Strait of Hormuz within a week if the US meets certain conditions.

The yield on the 10-year Treasury, which is the centerpiece of the bond market, rose to 5.29%, up from 5.26% late Tuesday, and it’s back to where it was more than two decades ago in 2002.

The 30-year Treasury yield, which takes into account expectations for inflation and economic growth many years down the line, climbed to 5.64% from 5.59% late Tuesday.

All told, the S&P 500 fell 19.30 points to 7,651.54. The Dow Jones Industrial Average dropped 443.87 to 50,906.05, and the Nasdaq composite added 63.52 to 26,861.06.

In currency trading, the US dollar rose to 158.17 Japanese yen from 157.33 yen. The euro cost $1.1328, down from $1.1334.