Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) underlined the Kingdom’s growing role as a global mining hub at London Metal Exchange (LME) Week 2025, reported the Saudi Press Agency on Friday.
During an event titled “Saudi Day at LME Week”, the Ministry highlighted Saudi Arabia’s growing role as a global mining hub, attracting investments across the entire value chain - from exploration to processing and production. These efforts are in line with Saudi Vision 2030, which positions mining as the third pillar of the national economy alongside energy and petrochemicals.
Speaking at the event, Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer reviewed the reforms implemented by the Kingdom in the mining sector and its untapped mineral wealth, estimated at over SAR9.4 trillion (USD2.5 trillion). He underscored Saudi Arabia’s commitment to building strong global partnerships in mining and minerals.
He outlined the Kingdom’s most significant achievements in the sector, including updating the legislative framework, launching pioneering national programs such as the National Minerals Program, expanding exploration activities, enhancing regulations, and supporting private-sector participation - all aimed at attracting qualitative investments and reinforcing the Kingdom’s collaboration with international partners in developing the strategic industry.
Mining is not merely a resource sector, but a core driver of Saudi Arabia’s economic transformation, he stressed, noting that under Vision 2030, the Kingdom is seeking to position itself as a preferred partner for global investors, innovators, and companies pursuing a responsible and resilient future in minerals.
The value of mineral resources has increased from SAR5 trillion to SAR9.4 trillion, with exploration activities expanding significantly, Al-Mudaifer revealed. The number of exploration companies rose from six in 2020 to 133 in 2023, and total exploration spending reached SAR102 billion in 2024, reflecting the Kingdom’s firm commitment to advancing mineral resource investments.
Saudi Arabia’s progress in the mining sector has gained wide international recognition. The Kingdom ranked 23rd globally in the 2024 Investment Attractiveness Index issued by Canada’s Fraser Institute, securing first place worldwide in political stability, 5th in socio-economic agreements, and 7th in environmental regulations.
The event featured a series of discussions with leading global mining figures. Maaden chief executive Bob Wilt discussed the company’s transformation into one of the world’s top ten mining companies and its ambitious expansion plans. Vale chief executive Gustavo Pimenta shared insights on building resilient cross-border partnerships, while Alcoa chief executive William Oplinger highlighted the company’s longstanding partnership with Saudi Arabia and future collaboration prospects. London Metal Exchange chief executive Matthew Chamberlain addressed the growing global demand for minerals and stressed the need to align investment, production, and consumer confidence.
A panel discussion on the future of mineral investment, moderated by former BBC news anchor David Eades, brought together key leaders including chief executive of Vale Base Metals Shaun Usmar; BMO managing director Rahim Bapoo; Standard Chartered global head of metals and mining Richard Horrocks-Taylor; and Dr. Kwasi Ampofo from BloombergNEF. Discussions centered on addressing financing challenges, geopolitical complexities, and the race to secure supply chains for critical minerals.
An accompanying exhibition showcased the strengths and innovations of the Kingdom’s mining and metals sector, highlighting abundant resources, a modern regulatory framework, advanced infrastructure, integrated value chains, and the use of AI-powered geophysical technologies, automation, energy efficiency, emissions reduction, recycling, and green metals.
The exhibition served as a practical platform for technical demonstrations, bilateral meetings, and partnership-building opportunities.
The event concluded with a forward-looking discussion on the upcoming 5th annual Future Minerals Forum (FMF), to be held in Riyadh from January 13 to 15 under the theme “Minerals: Confronting Challenges for a New Era of Development.”
The conference, organized by the Ministry of Industry and Mineral Resources, will gather ministers and executives from leading global mining companies such as BHP, Ivanhoe Mines, Rio Tinto, Ma’aden, Zijin, and Barrick Gold, reaffirming its position as a global platform for industry leaders in the mining sector.
Saudi Arabia’s participation in LME Week 2025 underscores its rising influence in the global minerals economy and its commitment to fostering international collaboration, innovation, and sustainable investment as demand for critical resources continues to accelerate worldwide.
