Imagine a nation poised to become a global leader in mining and minerals, offering vast opportunities for international investors. Saudi Arabia is making this vision a reality. The Kingdom’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, recently embarked on a successful mission to Santiago, Chile, where he explored transformative investment opportunities in lithium, copper, and iron ore production and processing.
Unlocking Potential Through Strategic Partnerships
During his visit, Minister Al-Khorayef engaged in fruitful dialogues with leaders of renowned mining companies, including Codelco, Antofagasta PLC, SQM, and Quiñenco. He emphasized the exchange of knowledge and cutting-edge technologies in the mining sector. The discussions revealed the immense potential for collaboration, particularly with Codelco, a global frontrunner in copper production, which already partners with the Kingdom through Almar Water Solutions.
The Minister extended an invitation to these industry leaders to attend the Future Minerals Forum in Riyadh, showcasing Saudi Arabia’s commitment to fostering international partnerships. The conversations also underscored the pivotal role of the Manara Minerals Investment Company in harnessing these opportunities, with a focus on copper, lithium, and iron ore.
Pioneering Technological Advancements
In meetings with officials from the Advanced Mining Technology Center and AngloAmerican’s mining control center, the focus was on leveraging modern technologies to enhance mining efficiency. This includes adhering to global environmental standards and integrating artificial intelligence into mineral exploration, ensuring the Kingdom remains at the forefront of innovative mining practices.
The Kingdom is not just resting on its laurels; it is actively enhancing its investment climate with initiatives like amending the mining investment bylaw and offering incentives such as co-financing capital expenditures, tax exemptions, and allowing 100% foreign ownership. The Exploration Empowerment Program further supports this by allocating $182 million to mitigate exploration risks.
A Vision for a Global Mining Hub
Saudi Arabia’s commitment to becoming a global mining powerhouse aligns with its Vision 2030, aiming to maximize the economic value of its mineral resources, estimated at SAR 9.4 trillion. The Kingdom has made significant strides in mineral exploration, including geological surveys and mapping projects worth approximately SAR 1 billion.
Recently, the Kingdom announced the establishment of the National Minerals Program, designed to strengthen mineral supply chains and ensure a steady supply for local industries. With plans to invest SAR 120 billion in strategic mineral industries, Saudi Arabia is set to be a major player in the global mining market.
New exploration licenses in regions like Jabal Sayid and the Shuwass Valley belt promise to accelerate the Kingdom’s mineral resource exploitation. Covering thousands of square kilometers, these areas are rich in metals such as copper, zinc, gold, and silver, highlighting the Kingdom’s proactive approach in tapping into its abundant natural resources.
Saudi Arabia is on a path of transformation, with its mining sector offering unparalleled opportunities for investors worldwide. By fostering international collaborations and leveraging advanced technologies, the Kingdom is not only enhancing its own economic landscape but also positioning itself as a pivotal player in the global mining industry.
