RIYADH: Saudi Arabia has elevated its projections for undiscovered mineral potential by 90 percent to $2.5 trillion, as stated by the minister of industry and mineral resources.  

Speaking during the opening remarks of the third Future Minerals Forum, Bandar Alkhorayef highlighted that the revision is based on discoveries related to rare earth elements and an upswing in mineral volumes.  

The minister said: “I am delighted to announce that our estimation for the Kingdom’s untapped mineral potential has increased from $1.3 trillion to $2.5 trillion, an increase of 90 percent.”   

He added: “This is based on new discoveries in the form of rare earth elements and the combination of the increase of volumes in phosphate, gold, zinc and copper as well as the revaluation of these minerals.” 

Alkhorayef further explained that this is only built on 30 percent of the Arabian Shield exploration suggesting that there is more to be discovered. In addition, it clearly shows that with more investment in exploration, it is possible to maximize the endowment potential.  

The minister also announced that the forum will witness signing of deals worth SR75 billion ($20 billion), driving research and development technology upstream and other value chain opportunities.  

“Today, we are at a historical point where minerals are at the spotlight as vital elements for the energy transition, food security and for global development,” Alkhorayef said.  

The minister also expressed his delight as he revealed many key initiatives, beginning with the exploration incentive program in partnership with the Ministry of Investment, which has a budget of more than $182 million.  

“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 continued.  

Looking at exponential progress made on the key initiatives the Kingdom agreed on last year, Alkhorayef announced to offer country-sized sites for exploration beginning with the Jabal Sayid Mineral Belt spanning over 4,000 sq. km.  

During the high-level ministerial roundtable meeting on Tuesday, Alkhorayef stated that the Kingdom has endorsed a detailed roadmap for the development of a regional critical mineral framework to promote global collaboration and maximize value creation in supplier countries.  

“We agreed on further work on exploring value chain creation opportunities for green metal hubs in the region, enabled by new technologies and renewable energy which we consider draft sustainability, expectations to be incorporated into the framework,” the minister said.  

He added: “We endorsed a roadmap for the creation of Mineral Innovation and Acceleration Park, the first phase of a global network of centers of excellence. All of this is proof that we are turning talk into action.”