RIYADH: Saudi leaders and global experts outlined plans to position the Kingdom’s mining sector as a worldwide exploration, processing, and supply chain resilience hub at the Future Minerals Forum.
On the second day of the event, held from Jan 14 to 16 in Riyadh, Saudi Arabia’s Minister of Investment Khaled Al-Falih emphasized the resilience required in mining, describing it as a sector defined by overcoming extreme challenges.
He highlighted how technological advancements such as artificial intelligence, satellite sensing, and airborne exploration are unlocking previously inaccessible resources, offering transformative potential for the industry.
Aligned with Vision 2030, the Kingdom plans to make mining a key driver of industrial growth, supporting energy transitions and meeting surging global demand for critical minerals.
“Mining has always been a sector about overcoming extreme challenges; unlocking these minerals from the earth, the crust, and below the crust is one, not for the faint of heart,” Al-Falih said.
He underscored the sector’s critical role in the energy transition, warning that its failure to provide necessary resources could jeopardize progress.
The forum also explored Saudi Arabia’s emerging role as a regional and global collaboration leader.
Hans-Paul Burkner, former president of Boston Consulting Group, stressed the importance of regional supply chain integration, suggesting that the Middle East and Africa could develop an interconnected ecosystem.
“I think it will be really impossible for each of these African countries to develop the processing capabilities themselves, and I think by creating a hub in the Kingdom for processing, I think that could be also a major way of de-risking,” Burkner said, adding that individual African nations would struggle to develop processing capabilities independently.
Al-Falih echoed this sentiment, highlighting Saudi partnerships, including advanced discussions to unlock virgin copper mines in Pakistan, as a testament to the Kingdom’s trustworthiness and global ambitions.
Saudi Vice Minister for Mining Affairs Khalid Al-Mudaifer announced substantial progress and plans for the sector, describing a $100 billion mineral investment pipeline with $20 billion already in advanced stages of development.
He outlined the Kingdom’s objectives to become a leading global producer of low-carbon steel, aluminum, and aerospace-grade titanium while strengthening its capabilities in electric vehicle minerals.
These efforts, he said, are being driven by Saudi Arabia’s national industrial strategy and giga-projects, which are fueling unprecedented demand for minerals.
The forum also featured key announcements from industry leaders. Ma’aden CEO Robert Wilt revealed significant discoveries, including high-grade gold at 220 meters below Massarah deeps and promising mineralization findings at Shayban and Wadi Al Junah.
Aramco’s upstream president Nasir Al-Naimi announced a memorandum of understanding to form a joint venture with Ma’aden to explore transition minerals across the Kingdom.
“Combining our vast geological data with our existing world-class infrastructure means we’re well placed for mineral exploration and extraction,” the president said.
Al-Naimi highlighted the potential of combining Aramco’s geological data with Ma’aden’s expertise to establish Saudi Arabia as a major global producer of transition minerals.
According to a press release, the proposed joint venture would focus on energy transition minerals, including extracting lithium from high-concentration deposits and advancing cost-effective direct lithium extraction technologies. “Commercial lithium production could potentially commence by 2027,” Aramco said.
Ma’aden Senior Vice President of Exploration Darryl Clark, said: “This proposed JV would enable us to accelerate exploration of the Arabian Platform, combining Aramco’s vast knowledge of the area with Ma’aden’s extensive mining and exploration expertise.”
The joint venture could potentially help meet the Kingdom’s forecasted demand for lithium, which is expected to grow twenty-fold between 2024 and 2030, supporting an estimated 500,000 electric vehicle batteries and 110 gigawatts of renewables.
The Head of Global Affairs at Appian Capital Advisory Dominic Raab stressed the enormous investment required to meet global demand for critical minerals, highlighting that trillions of dollars would be needed to ensure supply.
The forum also included significant updates from Hadeed and Baosteel, which are focusing on expanding steel production facilities to meet local and export demands.
“Hadeed today focusing on horizontal and vertical growth with a value up to SR25 billion,” said the firm’s CEO, Abdulqader Al-Mubarak.
In his closing remarks, Al-Mudaifer reflected on Saudi Arabia’s achievements and vision for the future.
“Today, we celebrate the year of impact, and the transformation of Saudi Arabia itself to be a global mineral processing hub. We have rewritten what’s possible since launching our mineral strategy. We have streamlined exploration, unlocking fast mineral potential,” he said.
The forum, which unites global industry leaders and investors, continues to highlight the Kingdom’s pivotal role in shaping the future of international mining.
