RIYADH: Minerals are becoming a shared global priority as governments seek resilient supply chains to support growth, energy transitions and digital infrastructure, Saudi Arabia’s industry minister said. 

Opening the ministerial roundtable at the Future Minerals Forum in Riyadh, Bandar Alkhorayef said the world is laying the groundwork for “a new era of global development, prosperity and stability through minerals,” framing the sector as a collective global cause rather than a narrow industrial issue.

Addressing ministers and senior officials, Alkhorayef highlighted the rapid expansion of the forum since its inaugural ministerial roundtable in 2022, when 32 countries gathered with a focus on Africa, West Asia and Central Asia. 

He said this year’s meeting brought together representatives from more than 100 countries and 70 organizations, including all G20 supplier and customer nations, reflecting what he described as “the right dialogue with the right representatives at the right time and place.” 

Alkhorayef credited the leadership of King Salman bin Abdulaziz Al Saud and Crown Prince and Prime Minister Mohammed bin Salman for establishing a platform that has evolved into what he called “a global cause.” 

He said the growing participation, including new interest from Latin America and customer countries, underscored the global relevance of minerals to economic growth and energy transitions. 

“Minerals are central to global development,” Alkhorayef said, adding that countries cannot achieve economic, industrial or energy ambitions without secure and resilient mineral supply chains. 

He emphasized that such supply depends on large-scale investment and the application of innovative technologies, noting that resources underpin electrification, digitalization, industrial development and future job creation across supplier and consumer economies. 

At the same time, the minister acknowledged structural challenges facing the sector, including slow project development, fragmented global politics and policies, infrastructure gaps, financing constraints and a lack of trust. 

“No country can solve these challenges alone, but through genuine and determined collaboration, working together, I’m sure countries around this table can do a difference,” said Alkhorayef. 

The minister outlined several initiatives launched through the forum over the past five years, including collaboration with the World Bank to address financing gaps in mineral exploration and to elevate infrastructure funding on the global agenda. 

He also pointed to efforts to advance transparency and traceability in mineral supply chains, with work under way on standards that “reflect our reality,” as well as the creation of a network of centers of excellence focused on talent development, sustainability practices and technology enablement. 

Alkhorayef said the purpose of the ministerial roundtable was to find common ground on difficult issues, align supplier and customer countries, and bring governments, industry and multilateral organizations together. 

The minister closed by urging participants to use their time “wisely, practically and with a long-term mindset,” calling on them to engage openly in what he described as a shared mission to build the mineral supply system the world needs. 

Also speaking during the ministerial roundtable, Saudi Arabia’s Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said: “We face one of humanity’s most vital phases since the Industrial Revolution, the sector has moved from backstage to center stage.” 

He told ministers and industry leaders that the world will need around $5 trillion in investment by 2035 to meet mineral demand, roughly four times the combined market capitalization of the world’s top 20 mining companies. 

Al-Mudaifer said the scale of the funding gap highlights both the severity of the challenge and the opportunity to drive a new phase of development across Africa, Asia and Latin America. 

He said Saudi Arabia’s future minerals framework, announced last year, is intended to strengthen global collaboration and maximize value creation in supplier countries. 

Al-Mudaifer identified seven enablers needed to unlock the sector’s potential, including supportive policies, financing, infrastructure, responsible mining practices, talent development, technology and reliable geological data. 

As part of that work, Al-Mudaifer said the Kingdom has launched the Future Minerals Barometer, developed through extensive stakeholder consultation, to track progress across those enablers and serve as a blueprint for building resilient mineral value chains. 

He added that more than 130 experts from 42 countries have contributed to ministerial roundtable initiatives so far. 

The vice-minister also pointed to progress on capacity building through three centers of excellence in Morocco, South Africa and Riyadh, efforts to develop an international standard for responsible mining, and collaboration with the World Bank Group to unlock infrastructure funding across priority corridors in Africa and Latin America. 

Al-Mudaifer concluded by urging governments and businesses to work together as “one global cause” to accelerate mineral supply, support communities and create jobs for younger generations. 

Ivan Arriagada, chair of the International Council on Mining and Metals, said the mining industry has reached a turning point as global priorities such as electrification, advanced technologies and national security drive unprecedented demand for metals and minerals. 

“The mining industry has never been more critical to achieve the goals of growth, security and sustainability,” he said. 

Speaking at the ministerial roundtable, Arriagada said copper demand is expected to rise 40 percent by 2040, while rare earth demand could grow 300 percent and lithium demand 800 percent over the same period. 

He said ICMM’s 26 member companies, representing more than one third of the global mining industry, are investing in both new and expanded projects but cannot meet the scale of demand without deeper collaboration with governments. 

Arriagada identified three areas requiring urgent joint action: speeding up permitting, expanding public-private partnerships for infrastructure, and strengthening policy support. 

The ICMM chair noted it takes nearly 16 years on average to bring a large new mine into production, calling for streamlined permitting while maintaining high standards. He also emphasized the need for government-backed infrastructure partnerships and stable legal and tax frameworks to enable long-term investment. 

He said ICMM and its partners will launch a consolidated global standard for responsible mining later this year and urged governments to support its widespread adoption. 

The Future Minerals Forum 2026 is running from Jan. 13 to 15 at the King Abdulaziz International Conference Center.