The Saudi Ministry of Industry and Mineral Resources has taken a significant step forward in fortifying its position in the global mining sector. This comes during the Future Minerals Forum 2024 that Riyadh is hosting this year. During the roundtable, the ministry formalized collaborations and signed memorandums of understanding (MoUs) with four countries – Egypt, Morocco, Congo, and Russia. The value of the agreements signed during the conference reached SAR75 billion.
Expanding cooperation
The MoUs with Egypt, Morocco, and Congo emphasize a commitment to cooperation in the field of mineral wealth. These agreements pave the way for shared initiatives and knowledge exchange between Saudi Arabia and the four countries in the mining sector.
In a separate agreement, Saudi Arabia formalized cooperation in the field of geology and mineral wealth with Russia’s Ministry of Natural Resources and Environment. This collaboration opens avenues for joint exploration efforts. Moreover, it has the potential to uncover new resources and strengthen ties between the two nations.
Exploration incentive program
Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, unveiled a groundbreaking exploration incentive program with a budget exceeding $182 million. This initiative aims to de-risk investments, enable new commodities, Greenfield projects, and support junior miners. Moreover, Alkhorayef announced the fifth and sixth rounds of licensing programs, offering access to 33 exploration sites this year.
Read: Future Minerals Forum: Saudi Arabia boosts mineral reserves to $2.5 trn
Public Investment Fund’s role
Yasir Al-Rumayyan, Governor of the Public Investment Fund, stressed Saudi Arabia’s efforts to secure its supply chain by establishing Manara Minerals. He outlined plans to invest between $25 to $30 billion in various jurisdictions over the next decade. Moreover, he introduced a new program for the first bachelor’s degree in mining science and engineering aimed at empowering Saudi Arabia’s mining sector.
In addition, Al-Rumayyan expressed the importance of Saudi Arabia’s mining sector in the context of net-zero carbon emissions. With a focus on renewable energy and AI integration, Saudi Arabia is positioning itself for a sustainable future. It is also aligning with global efforts to combat climate change.
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