Future Minerals Forum Unveils Four Key Announcements To Strengthen Saudi Arabia's Mining Sector

The fourth Future Minerals Forum in Riyadh, under the auspices of King Salman bin Abdulaziz Al Saud, unveiled four strategic initiatives. These announcements aim to bolster Saudi Arabia's status as a global mining leader, aligning with Saudi Vision 2030's goals to diversify the economy and establish the Kingdom as a central hub for mining activities.

Saudi Aramco and Ma'aden have launched a joint venture to explore essential minerals for energy transition. This partnership merges Aramco's geological expertise and digital technologies with Ma'aden's experience in exploration and operations. The initiative seeks to expedite mineral resource exploitation in Saudi Arabia, enhancing its role in global supply chains for critical minerals.

Ma'aden revealed new discoveries that underscore the Kingdom's mining potential. High-grade gold was confirmed at 220 meters depth at Mansourah and Massarah mines, suggesting possible underground mine development. Additionally, new finds at Wadi Al Jaww and Shayban deposits promise further mining opportunities, reinforcing Saudi Arabia as a prime investment destination in this sector.

"Hadeed," part of the Public Investment Fund (PIF), announced acquiring Al Rajhi Steel entirely. The company plans to invest SAR 25 billion to boost production for major projects within the Kingdom. Their goal includes producing 10 million tons to satisfy local demand, thereby enhancing the steel industry's value chain.

In collaboration with Saudi Aramco and PIF, China's Baosteel is constructing its first integrated steel plant outside China. This facility will produce 1.5 million tons of steel plates annually, marking a significant regional milestone and highlighting robust economic ties between Saudi Arabia and China.

Eng. Khalid bin Saleh Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, stated these strategic moves align with Saudi Vision 2030. He noted that innovative projects are underway for critical minerals exploration necessary for energy transition. The Kingdom is also expanding into new promising areas while strengthening local value chains.

The vice minister highlighted substantial investments aimed at localizing mineral industries and forming global partnerships to meet rising mineral demands. These efforts support the national economy while promoting sustainability and inclusive development globally.

This year's Future Minerals Forum began on Wednesday in Riyadh, attracting over 20,000 participants from 170 countries. With more than 250 speakers across 70 sessions, the forum showcases sector advancements while addressing future challenges and opportunities. It emphasizes international cooperation to ensure sustainable mining practices that contribute to global economic and social progress.

With inputs from SPA