RIYADH: New mining contracts could be snapped up by international firms attending a key industry conference in Riyadh next week, according to Saudi Arabia’s Deputy Industry and Mineral Resources Minister.
Khalid Al-Mudaifer has talked up the possibility of even more global companies seeking to operate in the Kingdom, with the Future Minerals Forum acting as a shop window for Saudi Arabia’s mining sector
Speaking to Saudi Almadina daily, the deputy minister revealed that between 20 to 30 percent of the mining permits granted in 2022 were handed out to firms that attended last year’s FMF event.
This year’s gathering is set to have an even wider global reach, with delegates attending from more than 60 countries, compared to the 38 represented in 2022.
“The Kingdom is planning to intensify a drive to attract more investment in the mining sector to boost its contribution to GDP to over $64 billion in 2030,” Al-Mudaifer said.
A roundtable of ministers is set to kick off the forum, which has been described as the “largest-ever gathering of its kind” by event organizers.
The Ministerial Roundtable will analyze the ways in which global collaboration can be enhanced to unleash the mining potential of the region, and also focus on measures that can be taken to turn the Middle East and North Africa region into a future hub of “green metals”.
The summit is set to tackle several topics, including sustainability, the future of mining, energy transition, the contribution of minerals to the development of societies, digital transformation, and integrated value chains.
The second edition of the FMF comes as Saudi Arabia’s mining sector is witnessing a rapid transformation and is attracting investors from around the globe.
According to geological surveys dating back 80 years, the Kingdom is thought to have an estimated reserve of untapped mining potential valued at $1.3 trillion.
However, with the prices of valuable minerals, especially gold, copper and zinc rising, the true value of the Kingdom’s current mineral wealth could be double that figure, CEO of the Saudi Geological Survey Abdullah Al-Shamrani said in September 2022.
