The US will benefit from Saudi Arabia developing its sensitive minerals sector as it will reduce reliance on exports from China, a leading investment banker has told a mining conference in Riyadh.
Eric Cantor, Vice Chairman and Managing Director of Moelis & Company, told delegates at the Future Minerals Forum on Wednesday the US suffered a “wake-up call” ten years ago when policy makers in Washington saw Beijing begin to “limit the export of critical minerals.”
After praising the “political commitment and the political will” of the Saudi government to diversify its economy away from oil, Cantor said: “With regard to the US-Saudi impact, US-Saudi relations are of great importance, and I believe that the security of Saudi Arabia is related to the security of America, and vice versa.
“I believe that strengthening Saudi Arabia’s position in sensitive minerals and minerals will only be beneficial for America to establish and exist in the global market for vital sensitive minerals that are diversified, sustainable and safe.”
The Future Minerals Forum is a special event bringing together ministers, organisations and mining leaders from more than 30 countries.
Hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.
