Future Minerals Forum In Riyadh Sees Signing Of 126 Agreements Worth SAR 107 Billion

The fourth Future Minerals Forum in Riyadh marked a significant milestone with 126 agreements and memoranda of understanding signed, totalling SAR107 billion. These agreements focus on advancing exploration, mining, financing, research and development, innovation, sustainability, value-added supply chains, and minerals industries. The event was attended by prominent figures including Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Minister of Industry and Mineral Resources Bandar Alkhorayef.

A notable agreement was made between the Royal Commission for Jubail and Yanbu (RCJY) and Tosyali Holding to establish an integrated flat steel production plant in Ras Al-Khair Industrial City. This project aims to bolster the Kingdom's value-added steel sector and enhance export capabilities. Additionally, RCJY partnered with Brazil's Vale to produce crude iron billets in Ras Al-Khair, strengthening raw material supplies for both national and global industries.

RCJY also signed a memorandum of understanding with Vedanta Limited to set up a copper smelter and refinery with an annual production capacity of 400,000 tons. This will be complemented by a copper rod plant capable of producing 300,000 tons annually in Ras Al-Khair. These initiatives are expected to significantly boost the Kingdom's copper production capabilities.

Exploration of Deep-Sea Minerals

An MoU between Mekyal Financial Company and Maritime Resources Corp. was established to create a fund supporting the exploration and exploitation of deep-sea minerals. This initiative is part of broader efforts to explore untapped mineral resources that could play a crucial role in future economic development.

Innovations in Material Industries

The National Industrialization Company (Tasnee) concluded an MoU with Shanghai Donghexin New Material Group Co., Ltd. This partnership focuses on developing advanced materials industries while enhancing production efficiency and industrial technologies. Such collaborations are vital for driving innovation within the sector.

Collaborative Projects for Energy Transition

Four strategic projects were announced at the forum, including a joint venture between Aramco and Maaden to explore critical minerals essential for energy transition. This partnership leverages Aramco's geological data expertise alongside Maaden’s exploration capabilities. Maaden also revealed new discoveries that may expand the Mansourah-Massarah mine.

In the steel industry, Saudi Iron and Steel Company (Hadeed) announced its complete acquisition of Al Rajhi Steel Industries Company. With an investment plan worth SAR25 billion, this move aims to meet large-scale project demands. Furthermore, China Baowu Steel Group Corp., Ltd., in collaboration with Aramco and the Public Investment Fund (PIF), plans to build its first integrated steel plant outside China.

The forum attracted over 18,000 participants from 170 countries, featuring 405 speakers across more than 70 sessions. It aimed to highlight recent sector developments while addressing future challenges and opportunities. The focus remained on enhancing international cooperation and ensuring mining sector sustainability for global economic and social progress.

With inputs from SPA