TELF AG looks at some interesting insights from the Future Minerals Forum
The role of Saudi Arabia in the global scenario
During the Future Minerals Forum, held in Saudi Arabia in early January, many nations in the area between Africa, the Arabian Peninsula, and Central Asia were able to make important steps forward in strengthening the regional mining sector through the consolidation of existing supply chains and with the signing of some new cooperation agreements.
At the event – in which artificial intelligence, responsible supply practices, and the consolidation of production capacities were also discussed – some Memorandums of Understanding were signed between Saudi Arabia and some nations, such as Morocco, Egypt, and Congo, and the Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the value of Saudi Arabia’s untapped mineral potential would grow significantly, from $1.3 million to $2.5 million in less than ten years.
New discoveries, new mining impulses
According to the minister, the increase in value would be due to some recent mineral discoveries on Arabian soil, among which are those relating to rare earth elements, copper, phosphate, and gold, which stand out in importance. The Arab kingdom has also said it wants to expand its mining sector further, finding ways to employ the vast resources of phosphate, gold, copper, and bauxite beneath its soil. This objective is confirmed by the nation’s announcement of an incentive program for mineral exploration worth approximately 182 million dollars.
The Future Minerals Forum also represented an excellent opportunity to reiterate the role of the mining sector at a global level, particularly regarding the contribution of minerals to the energy transition. In this regard, Minister Allhorayef stated that the global mining sector is pursuing a “noble cause” because its discoveries and industrial applications bring “new hope for the world.”
During the discussions held during the Forum, in which representatives of more than 60 nations took part, the theme of regional and international cooperation in mining matters emerged with particular frequency, considered one of the best methods for overcoming the critical issues linked to supply chains and to achieve a level of collaboration that can truly be defined at scale. One of the most interesting agreements signed during the event is certainly the one between Saudi Arabia and Japan. The Japan Organization for Metals and Energy Security has reached an agreement with the Arab ministry for closer collaboration in the resources sector mining, in particular for the supply of all those minerals considered strategic for the success of the ecological transition.
Another important agreement, signed during the Forum between China and Saudi Arabia, is based precisely on one of these minerals. We are talking about the agreement between the Saudi resources ministry and the Chinese company Jiangxi Copper Co. Ltd, which has expressed interest in possible investment opportunities in Saudi Arabia’s copper value chain. Also, on the exploration front, important steps forward were made during the Forum: the tender for the exploration license for the Jabal Sayid mining belt, which could contain large reserves of base metals, was presented.
