Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
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Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)

Riyadh is preparing to host the fourth edition of the International Mining Conference on Tuesday under the patronage of King of Saudi Arabia Salman bin Abdulaziz.
This year’s event has drawn an unprecedented number of participants, with over 20,000 registrations. It will feature the attendance of global CEOs, industry leaders, and executives from related sectors, who will gather to tackle the mining sector’s key challenges and offer innovative, sustainable solutions to advance the industry’s future.
Ali Al-Mutairi, general supervisor of the conference, told Asharq Al-Awsat that the conference, running from January 14 to 16, will kick off with the fourth International Ministerial Meeting on Mining Affairs. The meeting will host senior government representatives from 85 countries, along with 50 leaders from multilateral organizations, NGOs, and business associations.
This year’s edition introduces several groundbreaking initiatives, including a “Knowledge Exchange Day,” which will serve as a platform to share the latest advancements in geology, technology, and sustainability.
Al-Mutairi also revealed that the event will host the first “Centers of Excellence and Technology Meeting,” designed to establish a regional network to develop expertise and accelerate innovation in mining.
Additionally, the second meeting of leaders from international geological survey organizations will take place, featuring prominent institutions such as the US Geological Survey, the British Geological Survey, the French Geological Survey, and the Finnish Geological Survey. This meeting aims to enhance global collaboration and leverage advanced technologies to drive sector development.
The conference is expected to see the signing of several agreements and memorandums of understanding between local and international stakeholders, reflecting Saudi Arabia’s commitment to establishing itself as a global mining hub. The event further supports efforts to foster international cooperation and sustainable development in this vital sector.
Over 250 prominent speakers, including senior executives and experts, will participate in this year’s conference. Their contributions will open avenues for international partnerships and help explore strategic investment opportunities in mining.
Under the theme “Achieving Impact,” the conference continues the international dialogue on the future of mining and minerals, with the aim to strengthen global cooperation to meet energy transition goals and advance modern industries.
Aligned with Saudi Arabia’s vision to position mining as a cornerstone of its national economy, the event will address critical topics such as exploration, technological innovation, sustainability, and value-added chains. The event highlights the country’s ongoing efforts to empower the mining sector and ensure it serves as a key pillar of economic growth and diversification.

 

 



Gold Falls as Higher Treasury Yields, Fed Rate Hike Bets Weigh

Gold bracelets and necklaces displayed for sale in a gold shop at Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces displayed for sale in a gold shop at Istanbul's Grand Bazaar (AFP)
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Gold Falls as Higher Treasury Yields, Fed Rate Hike Bets Weigh

Gold bracelets and necklaces displayed for sale in a gold shop at Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces displayed for sale in a gold shop at Istanbul's Grand Bazaar (AFP)

Gold fell for a third consecutive session on Wednesday, as rising US Treasury yields and growing bets that the Federal Reserve will raise interest rates pressured the non-yielding metal.

Spot gold was down 0.8% at $3,974.75 per ounce as of 0849 GMT, after touching its lowest level since last November at $3,942.99 in the previous session. US gold futures for August delivery lost 1.3% to $3,987.70/oz.

The yellow metal ‌on Tuesday recorded ‌its first quarterly loss since January 2024, Reuters reported.

A selloff ‌in ⁠US Treasuries on ⁠Tuesday pushed the benchmark 10-year yield up as much as 9 basis points before it backed off the highs. By Wednesday, yields were rising again, up 4 bps at 4.465%, outpacing increases in euro zone bond yields.

A stronger US dollar makes bullion less affordable for overseas buyers.

"The weakness is a bit driven by comments from ⁠Fed's Hammack, suggesting a rate hike might be ‌needed and market participants pricing in ‌a bit more rate hikes for this year," said UBS analyst Giovanni Staunovo. Federal ‌Reserve Bank of Cleveland President Beth Hammack said on Tuesday ‌she may advocate for higher rates if inflation pressures don’t moderate. According to CME FedWatch tool, traders see a nearly 67% chance of a rate hike by September.

Expectations for more hikes are not helping investment demand, and ‌ETF holdings have seen renewed outflows in recent days, said Staunovo, noting that price volatility is ⁠expected around economic ⁠data releases this week.

June ADP employment data, due at 1215 GMT, and Thursday's nonfarm payrolls report could give further clues on the Fed's policy path.

Markets will also closely watch the European Central Bank's annual Sintra conference on Wednesday, where Fed Chair Kevin Warsh and ECB President Christine Lagarde are due to speak. On the geopolitical front, concerns persisted over the prospects for US-Iran diplomacy after Tehran said it would not meet senior US envoys who travelled to the region following the recent outbreak of hostilities.

Spot silver fell 1.4% to $57.75 per ounce.

Platinum slipped 0.6% to $1,542.70, after hitting its lowest point since November. Palladium slid 1.4% to $1,187.01.


Turkish Manufacturing Contracts, Hit by Iran War Disruption, PMI Shows

 A full moon rises over the Galata Tower in Istanbul, Türkiye, June 29, 2026. (Reuters)
A full moon rises over the Galata Tower in Istanbul, Türkiye, June 29, 2026. (Reuters)
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Turkish Manufacturing Contracts, Hit by Iran War Disruption, PMI Shows

 A full moon rises over the Galata Tower in Istanbul, Türkiye, June 29, 2026. (Reuters)
A full moon rises over the Galata Tower in Istanbul, Türkiye, June 29, 2026. (Reuters)

Türkiye's manufacturing ‌sector contracted in June as the war in the Middle East disrupted demand and supply, a business survey showed on Wednesday.

The Istanbul Chamber of Industry's Türkiye Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 47.1 in June from 49.8 in May. The 50-mark separates growth from contraction.

Output returned to decline after rising slightly in May, with firms ‌citing market uncertainty ‌linked to the conflict ‌in ⁠the Middle East, softer ⁠new orders and higher prices.

Demand weakened further, with total new orders posting a solid decline and new export business also falling again after expanding in May.

Companies also cut purchasing activity, while employment continued to be scaled ⁠back. Suppliers' delivery times lengthened again, although ‌the deterioration was ‌the least marked since February.

There were some signs ‌of easing price pressures. Input cost inflation slowed ‌for a second straight month to its weakest since November, while output price inflation eased to its lowest level so far this year.

The June ‌survey reversed some of May's improvement and extended the sector's downturn to ⁠27 ⁠consecutive months. Firms also reduced stocks of purchases and finished goods amid muted demand conditions, the panel showed.

"The Turkish manufacturing sector took a step back in June, posting a renewed softening of production amid muted new orders. Anecdotal evidence from the survey indicated that the war in the Middle East continued to be the principal cause of the challenges facing firms," said Andrew Harker, economics director at S&P Global Market Intelligence.


Oil Edges Higher as Breakdown in Iran-US Talks Raises Supply Concerns

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
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Oil Edges Higher as Breakdown in Iran-US Talks Raises Supply Concerns

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo

Oil prices ticked higher on Wednesday on concerns a breakdown in talks between Iran and the US for a final agreement to end their war may extend supply disruptions in the key Middle East producing region.

Brent futures rose 14 cents, or 0.19%, to $73.09 a barrel at 0644 GMT, while US West Texas Intermediate (WTI) crude was up 11 cents, or 0.16%, to $69.61 a barrel, Reuters said.

"Hormuz continues to reopen but it's patchy, unpredictable, and not fully transparent,” said Vandana Hari, founder ‌of oil market analysis ‌provider Vanda Insights.

"Unless there is a fresh understanding ‌between ⁠Washington and Tehran, the ⁠market may wait and watch for sustained peace and quiet before crude resumes bearish momentum."

US President Donald Trump's son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha for what the White House described as "high level" talks on Tuesday, but Iran and host Qatar said they would meet with mediators, rather than the Iranians themselves.

Qatar said Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani was among those to meet with ⁠Witkoff and Kushner. Brent fell by around $45 a barrel in ‌the second quarter of this year, its largest ‌quarterly loss since the global financial crisis in 2008. US crude futures meanwhile fell by ‌around $31, their largest quarterly loss since 2020, when the COVID-19 pandemic crushed global oil ‌demand.

The declines followed progress toward ending the Middle East conflict, after sharp gains in March triggered by the outbreak in hostilities.

Analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, after five straight monthly increases, as the ‌reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions, a Reuters poll showed on Tuesday.

US Vice President ⁠JD Vance said ⁠Iran would be prevented from charging tolls through the strait, telling The Michael Knowles Show, "This is not going to end in a place where the Iranians are collecting tolls on ships going through the Strait of Hormuz."

Tanker traffic through the critical waterway has started to recover, with Vance claiming that oil flows through the strait had been restored to pre-war levels.

Meanwhile, US crude oil inventories fell again last week while gasoline stocks also declined, market sources said, citing data from the American Petroleum Institute released on Tuesday.

Crude stocks fell by 6.1 million barrels in the week ended June 26, the sources said on condition of anonymity.

Official US oil stock data from the Energy Information Administration will be released at 10:30 a.m. EDT (1430 GMT) on Wednesday.