Saudi Arabia Calls for Strategic Focus on Critical Minerals at Future Mining Forum
Riyadh, January 15, 2025 (Saudi Arabia Breaking News) – Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, underscored the pivotal role of critical minerals in achieving a successful global energy transition during a dialogue session at the fourth Future Mining Forum held in Riyadh. The minister highlighted the vast untapped potential of mineral-rich regions spanning Africa to West and Central Asia and called for targeted investments to bridge the gap between resource availability and global market contributions.
Speaking alongside global leaders and industry stakeholders, Alkhorayef emphasized the need to secure supply chains for critical minerals, a cornerstone of the energy transition. "The energy transition hinges on effectively utilizing the abundant resources within this region," he noted, adding that the region’s current limited contribution to global mineral markets represents a significant missed opportunity.
Bridging the Gap Through Investment and Collaboration
Alkhorayef called on mineral-consuming nations to adopt a fair and sustainable approach by investing in infrastructure and capacity-building in mineral-rich areas. "Targeted and constructive investments are crucial to bridging the gap between potential and opportunities," he stated. The minister also cited the development of Saudi Arabia's Northern Borders region, rich in phosphate minerals, as a model for leveraging mining investments to foster economic growth and improve community well-being.
Saudi Arabian Mining Company (Ma’aden), the Kingdom’s leading mining entity, was highlighted for its role in building infrastructure and driving local development. Alkhorayef lauded Ma’aden’s success in creating a balance between industrial progress and regional welfare, providing a blueprint for sustainable mining practices.
Global Collaboration to Unlock Potential
The dialogue session featured prominent global figures, including Brazilian Minister of Mines and Energy Alexandre Silveira, Moroccan Minister of Energy Transition and Sustainable Development Leila Benali, and U.S. State Department’s Partnership for Global Infrastructure and Investment (PGI) acting Special Coordinator Helaina Matza. Discussions centered on fostering international partnerships to secure the mineral supply chain critical for a sustainable energy future.
Lord Gerry Grimstone, chairman of Gemcorp Capital Management Limited, highlighted the need for innovative financing solutions to unlock the potential of underutilized regions. Meanwhile, Alexandre Silveira stressed the importance of integrating environmental and social governance principles into mining operations.
Towards a Sustainable Energy Future
Alkhorayef concluded the session with a call for a global partnership between mineral-producing and -consuming nations to ensure a fair and sustainable distribution of benefits. "Investing in infrastructure and local capacity-building is essential to bridging the disparity between mineral wealth and its global utilization," he remarked, advocating for equitable collaboration to meet the demands of the global energy transition.
The Future Mining Forum continues to position Saudi Arabia as a leader in fostering dialogue and innovation in the global mining sector, aligning with the Kingdom’s Vision 2030 objectives to diversify its economy and develop its mineral resources as a strategic pillar of growth.