المملكة: Minister of Industry: The Kingdom seeks to play a pivotal role in mining and minerals
Confirm Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, that the Kingdom seeks to play a pivotal role in the Mining and Minerals, similar to its historical role in enhancing the stability of global energy supplies, through building international partnerships and developing an integrated system that supports the growth of the sector and contributes to enhancing the security of mineral supplies globally.
This came during his participation in a dialogue session entitled: "Rare earth elements and strategy: sovereignty and international cooperation in the field of rare earth elements and critical minerals"held within the The Saint Petersburg International Economic Forum in the Russian Federation, with the participation of a number of ministers, decision-makers, and leaders of the mining and metals sector from various countries of the world.
Enhancing international cooperation
Al-Khorayef explained that the Kingdom launched the International Mining Conference to be a global platform that brings together governments, mining companies, financial institutions, and academic and technical bodies, with the aim of enhancing international cooperation and developing the necessary partnerships to address the challenges facing the sector.
He pointed out that the conference has established its position as one of the most prominent specialized global platforms, as its last edition witnessed 100 countries participated, in addition to major mining companies, financial institutions, and academic and technical bodies.
His Excellency said that the mining sector represents one of the main pillars for achieving the goals of the Kingdom’s Vision 2030 and diversifying the national economy, explaining that the Kingdom has intensified over the past years geological survey and exploration work, which contributed to raising estimates of mineral wealth to about 2.5 trillion US dollars, an increase of about 90% compared to the estimates announced in 2018, which reflects the size of the promising opportunities it possesses. sector.
The third pillar of national industries
Al-Khorayef drew attention to the fact that the Kingdom views mining as the third pillar of national industries, because of the opportunities it provides for developing manufacturing industries and value-added chains, and supporting the growth of the non-oil economy, in addition to its contribution to enhancing global food security through industries related to phosphate fertilizers.
He explained that the Kingdom’s non-oil exports recorded record levels during the past year, amounting to about 620 billion riyals, of which mining products constituted Fertilizers and aluminum are an important part of it.
Building an integrated system
The Minister of Industry and Mineral Resources stressed that the future of the mining sector depends on international cooperation and the integration of value chains, explaining that the development of the sector is not linked to the availability of mineral resources only, but rather requires building an integrated system that includes infrastructure, advanced technologies, financing, and human capabilities, in a way that contributes to enhancing the sustainability of global supply chains.
He pointed out that the regions of Africa, the Middle East, and Central Asia have about 33% of global mineral reserves, but they contribute only about 6% of global supplies, highlighting the importance of strengthening international cooperation and investing in developing infrastructure and value chains. To enable these regions to benefit from their natural resources and contribute more to meeting the growing global demand for minerals.
The importance of the partnership between the Kingdom and Russia
Al-Kharif noted the importance of the partnership between the Kingdom and Russia in the mining and metals sector, praising the level of existing cooperation between the two countries, and affirming the Kingdom’s aspiration to expand the horizons of cooperation and joint investment in the rare and critical minerals sector, in a way that supports the common interests of the two countries and contributes to building more flexible and sustainable supply chains at the global level.
The St. Petersburg Forum is considered a forum. The International Economic Forum is one of the most prominent global economic events, as it brings together government leaders, senior officials, investors and businessmen to discuss international economic issues and explore opportunities for cooperation and investment in strategic sectors.
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