RIYADH: The mining sector’s success in Saudi Arabia hinges on strong private sector partnerships, according to Finance Minister Mohammed Al-Jadaan. Given the significant investments and expertise required, the government alone cannot drive the sector’s growth, he said.

Speaking on the second day of the Future Minerals Forum in Riyadh, Al-Jadaan emphasized the need for collaboration between public and private sectors to unlock the full potential of the mining industry. The forum, which runs from Jan. 14-16, aligns with Saudi Arabia’s ambitious goal to increase the mining sector’s contribution to the nation’s gross domestic product from $17 billion to $75 billion by 2035.

It also supports the country’s Vision 2030 objective of establishing mining as a critical pillar of the industrial economy.

“This is a very complex industry that requires significant investments that, you know, the government alone cannot do. It requires significant know-how that the government alone cannot do, and you need to make sure that you actually partner with the private sector to enable this sector,” Al-Jadaan said.

Al-Jadaan outlined three key enablers for the mining sector's development: cross-sectoral alignment, the strategic use of data, and a competitive regulatory framework.

“If you want to do the right thing within mining, it is not the mining alone that will make it. You will need to make sure that you are aligning multiple sectors together — energy, mining, logistics, and possibly even a few others,” he explained.

He pointed to the National Industrial Development and Logistics Program as a successful example of how integrated sectors can collectively drive progress.

On the importance of data, Al-Jadaan emphasized its foundational role in shaping the sector's future. “There was real focus on making sure that we make an investment early on in data relating to mining, including specific technicalities and budgeting for supporting surveys throughout the mining sectors, and actually providing even support to companies who are coming for exploration,” he said.

The minister also highlighted the necessity of a stable and investor-friendly regulatory environment. “These are long-term investments investors would need to make. You know, we need to have predictability, confidence in the regulatory framework, and we need to ensure it is investor-friendly. They must be able to obtain their licenses on time and with certainty,” he added.

Al-Jadaan further acknowledged the challenges faced by emerging economies, particularly those in the Global South, which possess abundant mineral resources but often lack the capital, expertise, and infrastructure to exploit them fully. He suggested that with the right support, these nations could leverage their mineral wealth not only for industrial growth but as a key driver of broader economic development.

“With the right setup, they can utilize these resources not only for the mineral and metal industries but as part of a package for economic development,” he said, stressing that targeted support such as subsidized logistics and services could unlock the mining potential of these nations.

In a related panel discussion, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Africa’s critical role in the global energy transition. He pointed out the disparity between the continent’s vast resource potential and its actual contribution to the market.

“Today, investment needs to happen not only in extraction but also in infrastructure. We have seen great assets today in Africa are falling behind because of infrastructure challenges, not mining challenges,” Alkhorayef noted.

As the Future Minerals Forum continues, the collaboration between the private sector and government remains central to advancing the sector, not only in Saudi Arabia but across the global mining landscape.

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.