Future Minerals Forum: Saudi Arabia inks key mining agreements with 4 nations 

RIYADH: The Saudi Ministry of Industry and Mineral Resources has formalized collaborations in the mining sector by signing memorandums of understanding with four countries during the third international ministerial roundtable. 

The MoUs include agreements for cooperation in the field of mineral wealth with Egypt’s Ministry of Petroleum and Mineral Resources, Morocco’s Ministry of Energy Transition and Sustainable Development, and Congo’s Ministry of Mines of the Democratic Republic.  

Additionally, a separate MoU for cooperation in the field of geology and mineral wealth was signed with Russia’s Ministry of Natural Resources and Environment.

Signing 4 MoU’s with 4 countries to cooperate in the mining sector during the Third International Ministerial Roundtable concerned with Mining Affairs.#FutureMineralsForum#FMF2024 pic.twitter.com/fKC3yZXKY7

— وزارة الصناعة والثروة المعدنية (@mimgov) January 10, 2024

Top ministers speak

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, expressed his delight as he announced some significant initiatives, starting with the exploration incentive program in collaboration with the Ministry of Investment, boasting a budget exceeding $182 million, during the event.

“This program will de-risk investments in our exploration securing to enable new commodities, Greenfield projects, and junior miners. In addition and to drive the existing future of the exploration sector, we are announcing the fifth and sixth rounds of licensing programs offering access to 33 exploration sites this year,” he said.

Alkhorayef announced a groundbreaking initiative this year—offering country-sized exploration sites, starting with the 4000 sq. km Jabal Sayid Mineral Belt. He expressed joy in the discovery of rare earth elements and increased volumes in phosphate, gold, zinc, and copper, as well as their revaluation.

“This is only based on 30 percent of the Arabian shield exploration suggesting more to be discovered and it clearly shows that with more investment in exploration, it is possible to maximize the endowment potential,” the minister added.

Khalid Al-Falih, Saudi Arabia’s Minister of Investment 

Saudi Arabia’s Minister of Investment Khalid Al-Falih highlighted that addressing the historical challenge of accessing critical minerals for the energy transition will be supported by resources and collaborations across countries, geographies, companies, people, technologies, and various sectors. 

“The demand for materials (critical minerals) is going to be a multiple of what it is today. A lot of existing production facilities will either decline because of the depletion of resources, or because it is not acceptable from a sustainability and environmental standpoint,” he said. 

The minister expressed that the incremental demand, investment, technologies, and efforts to address the inevitable challenge of meeting critical mineral needs are, quite frankly, unprecedented in his lifetime. 

Al-Falih noted that the super region spanning from Central Asia through the Middle East to Africa is recognized to possess at least a third of global resources. 

“We are going to need trillions of dollars in the next couple of decades to meet the reshaping of the global supply chain in the industry. And I believe Saudi Arabia is going to be at the heart of this, we are going to be leading this within the super region,” the minister added.