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Tuesday, May 24, 2022

Saudi Arabia shares vision for mining industry in FT global summit

Saudi Arabia shares vision for mining industry in FT global summit

Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Saleh Al-Mudaifer has participated in the Financial Times Commodities Global Summit, which represents a prominent gathering for senior CEOs and financers of basic commodities.
It is being held between March 21 and 23, 2022, in Lausanne, Switzerland.

Delivering a speech during the summit, Eng. Al-Mudaifer shed light on three trends leading the global mining sector, first is the increasing demand on minerals and metals required for energy transmission, the second is the impact of sustainability on the markets of minerals and mining, and the third is increasing competition among countries seeking to assume leading roles in mining.

He said: "Our green future will witness an intense demand on minerals in light of global endeavors for the transformation of the energy sector, which means higher demand on strategic minerals, estimated at 40 times of current levels and will be accompanied by price hikes, noting that sustainability affects both global supply and demand."

He stressed that competition among countries is increasing to assume leading positions in the global mining markets, where the geographic concentration of some minerals and nationalization of resources have led to diversifying supply chains.The vice minister also reviewed Saudi Arabia’s experiences through its mining transformation process that started upon launching the Saudi Vision 2030 that considered mining as the third pillar of the Saudi industry and main driver for economic diversification in Saudi Arabia.

In this regard, Eng. Al-Mudaifer noted that the mining strategy in Saudi Arabia was developed as a result of the Saudi Vision 2030, which led to inserting big improvements and development in the available data related to mineral wealth in Saudi Arabia, whose value is estimated at around $1.3 trillion.

The vice minister also noted that as a result of reforms in this sector, the mining industry in Saudi Arabia grew remarkably, achieving its biggest revenues ever in 2021, which exceeded SR727 million ($194 million), marking an increase of 27% compared with the year before.

He concluded his speech by saying: "The mining industry is at a crossroads," stressing that the world needs more flexible supply chains from diversified sources, where these supply chains should be more responsible and more fair, especially that Saudi Arabia plays a central role in developing the greater mining zone spanning from Africa to Asia.
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