Saudi Arabia increases mineral potential projections by 90% to $2.5tn

Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted that the revision is based on discoveries related to rare earth elements and an upswing in mineral volumes. AN Photo
Short Url
Updated 10 January 2024
Follow

Saudi Arabia increases mineral potential projections by 90% to $2.5tn

RIYADH: Saudi Arabia has elevated its projections for undiscovered mineral potential by 90 percent to $2.5 trillion, as stated by the minister of industry and mineral resources.  

Speaking during the opening remarks of the third Future Minerals Forum, Bandar Alkhorayef highlighted that the revision is based on discoveries related to rare earth elements and an upswing in mineral volumes.  

The minister said: “I am delighted to announce that our estimation for the Kingdom’s untapped mineral potential has increased from $1.3 trillion to $2.5 trillion, an increase of 90 percent.”   

He added: “This is based on new discoveries in the form of rare earth elements and the combination of the increase of volumes in phosphate, gold, zinc and copper as well as the revaluation of these minerals.” 

Alkhorayef further explained that this is only built on 30 percent of the Arabian Shield exploration suggesting that there is more to be discovered. In addition, it clearly shows that with more investment in exploration, it is possible to maximize the endowment potential.  

The minister also announced that the forum will witness signing of deals worth SR75 billion ($20 billion), driving research and development technology upstream and other value chain opportunities.  

“Today, we are at a historical point where minerals are at the spotlight as vital elements for the energy transition, food security and for global development,” Alkhorayef said.  

The minister also expressed his delight as he revealed many key initiatives, beginning with the exploration incentive program in partnership with the Ministry of Investment, which has a budget of more than $182 million.  

“This program will de-risk investments in our exploration securing to enable new commodities, greenfield projects, and junior miners. In addition, and to drive the existing future of the exploration sector, we are announcing the fifth and sixth rounds of licensing programs offering access to 33 exploration sites this year,” he continued.  

Looking at exponential progress made on the key initiatives the Kingdom agreed on last year, Alkhorayef announced to offer country-sized sites for exploration beginning with the Jabal Sayid Mineral Belt spanning over 4,000 sq. km.  

During the high-level ministerial roundtable meeting on Tuesday, Alkhorayef stated that the Kingdom has endorsed a detailed roadmap for the development of a regional critical mineral framework to promote global collaboration and maximize value creation in supplier countries.  

“We agreed on further work on exploring value chain creation opportunities for green metal hubs in the region, enabled by new technologies and renewable energy which we consider draft sustainability, expectations to be incorporated into the framework,” the minister said.  

He added: “We endorsed a roadmap for the creation of Mineral Innovation and Acceleration Park, the first phase of a global network of centers of excellence. All of this is proof that we are turning talk into action.”  


Bangladesh launches $5bn graft probe into Sheikh Hasina’s family

Updated 7 min 26 sec ago
Follow

Bangladesh launches $5bn graft probe into Sheikh Hasina’s family

  • Sheikh Hasina fled to India after being toppled by a revolution in August
  • Key allegations are connected to the funding of the $12.65 billion Rooppur nuclear plant

DHAKA: Bangladesh has launched a probe into the alleged $5 billion embezzlement connected to a Russian-backed nuclear power plant by ousted leader Sheikh Hasina and her family, the anti-corruption commission said Monday.
Along with Hasina, the now-former prime minister who fled to India after being toppled by a revolution in August, those subject to the inquiry include her son, Sajeeb Wazed Joy, and niece, Tulip Siddiq, a British lawmaker and government minister.
The allegations were raised by a writ seeking an investigation filed in the high court by Hasina’s political opponent, Bobby Hajjaj, chairman of the Nationalist Democratic Movement party.
“We seek justice through our court,” Hajjaj said on Monday.
Key allegations are connected to the funding of the $12.65 billion Rooppur nuclear plant, the South Asian country’s first, which is bankrolled by Moscow with a 90 percent loan.
A statement Monday from the commission said it had launched an inquiry into allegations that Hasina and family members had “embezzled $5 billion” from the Rooppur plant via “various offshore bank accounts in Malaysia.”
It said its investigations were examining “questionable procurement practices related to the overpriced construction” of the plant.
“The claims of kickbacks, mismanagement, money laundering, and potential abuse of power raise significant concerns about the integrity of the project and the use of public funds,” the commission said.
Graft allegations also include theft from a government building scheme for the homeless.
Hasina, 77, fled by helicopter on August 5 into exile in India, infuriating many Bangladeshis determined that she face trial for alleged “mass murder.”
It was not possible to contact Hasina for comment.
Siddiq has “denied any involvement in the claims” accusing her of involvement in embezzlement, according to a statement from the British prime minister’s office.
Joy, who is understood to be based in the United States, was also unavailable for comment.


Palestinians in Jenin observe a general strike

Updated 8 min 4 sec ago
Follow

Palestinians in Jenin observe a general strike

  • The Palestinian Authority exercises limited authority in population centers in the West Bank

JENIN: Palestinians in the volatile northern West Bank town of Jenin are observing a general strike called by militant groups to protest a rare crackdown by Palestinian security forces.
An Associated Press reporter in Jenin heard gunfire and explosions, apparently from clashes between militants and Palestinian security forces. It was not immediately clear if anyone was killed or wounded. There was no sign of Israeli troops in the area.
Shops were closed in the city on Monday, the day after militants killed a member of the Palestinian security forces and wounded two others.
Militant groups called for a general strike across the territory, accusing the security forces of trying to disarm them in support of Israel’s half-century occupation of the territory.
The Western-backed Palestinian Authority is internationally recognized but deeply unpopular among Palestinians, in part because it cooperates with Israel on security matters. Israel accuses the authority of incitement and of failing to act against armed groups.
The Palestinian Authority blamed Sunday’s attack on “outlaws.” It says it is committed to maintaining law and order but will not police the occupation.
The Palestinian Authority exercises limited authority in population centers in the West Bank. Israel captured the territory in the 1967 Mideast War, and the Palestinians want it to form the main part of their future state.
Israel’s current government is opposed to Palestinian statehood and says it will maintain open-ended security control over the territory. Violence has soared in the West Bank following Hamas’ Oct. 7, 2023 attack out of Gaza, which ignited the war there.


US president Joe Biden commutes sentences for 37 of 40 federal death row inmates

Updated 15 min 34 sec ago
Follow

US president Joe Biden commutes sentences for 37 of 40 federal death row inmates

  • Biden had faced growing calls to commute the sentences of those on death row
  • There had been no federal inmates put to death in the United States since 2003

WASHINGTON: US President Joe Biden on Monday commuted the death sentences of 37 of 40 federal inmates, taking action ahead of the return of Donald Trump who oversaw a sweeping number of lethal injections during his first term.
With less than a month left in office, Biden had faced growing calls from death penalty opponents to commute the sentences of those on death row to life in prison without parole, which the 37 will now serve.
The move leaves only a handful of high-profile killers who acted out of hate or terrorism facing the federal death penalty – for which there has been a moratorium under Biden.
“These commutations are consistent with the moratorium my Administration has imposed on federal executions, in cases other than terrorism and hate-motivated mass murder,” Biden said in a statement.
“I am commuting the sentences of 37 of the 40 individuals on federal death row to life sentences without the possibility of parole,” he said.
The three inmates who will remain on federal death row include Dzhokhar Tsarnaev, who helped carry out the 2013 Boston Marathon bombing, and Dylann Roof, an avowed white supremacist who in 2015 shot and killed nine Black churchgoers in Charleston, South Carolina.
Robert Bowers, who killed 11 Jewish worshippers during a 2018 mass shooting at the Tree of Life synagogue in Pittsburgh, will also remain on death row.
Those commuted included nine people convicted of murdering fellow prisoners, four for murders committed during bank robberies and one who killed a prison guard.
“Make no mistake: I condemn these murderers, grieve for the victims of their despicable acts, and ache for all the families who have suffered unimaginable and irreparable loss,” Biden said.
“But guided by my conscience and my experience...I am more convinced than ever that we must stop the use of the death penalty at the federal level,” he added.
Biden campaigned for the White House as an opponent of the death penalty, and the Justice Department issued a moratorium on its use at the federal level after he became president.
During his reelection campaign, Trump spoke frequently of expanding the use of capital punishment to include migrants who kill American citizens and drug and human traffickers.
There had been no federal inmates put to death in the United States since 2003 until Trump resumed federal executions in July 2020.
He oversaw 13 by lethal injection during his final six months in power, more than any US leader in 120 years.
The last federal execution – which was carried out by lethal injection at a prison in Terre Haute, Indiana – took place on January 16, 2021, four days before Trump left office.
The death penalty has been abolished in 23 of the 50 US states, while six others – Arizona, California, Ohio, Oregon, Pennsylvania and Tennessee – have moratoriums in place.
In 2024, there have been 25 executions in the United States, all at the state level.


Saudi Arabia strengthens food security with trout farming breakthrough

Updated 24 min 16 sec ago
Follow

Saudi Arabia strengthens food security with trout farming breakthrough

RIYADH: Saudi Arabia’s food security strategy has received a boost with a trout farming project developed through a partnership between King Abdulaziz City for Science and Technology and King Abdulaziz University. 

The initiative, carried out at KACST’s research station in Al-Muzahmiyya Governorate, was supported by the Ministry of Environment, Water, and Agriculture’s National Livestock and Fisheries Development Program. 

The project introduces trout as a species suited for diverse environmental conditions, expanding the availability of fish with high nutritional value. This move aims to address the growing domestic demand for seafood while mitigating potential supply chain disruptions. 

This aligns with Saudi Vision 2030, which set a target of increasing domestic fish production to 600,000 tonnes annually to ensure sustainable food supplies. 

The initiative also supports the National Fisheries Development Program’s goals of optimizing resource use, boosting the sector’s contribution to gross domestic product, achieving seafood self-sufficiency, and diversifying income sources. 

The new project employs a recirculating aquaculture system, which uses less water than traditional methods and reduces the risk of parasites and viral infections that could harm fish. 

These advanced systems also regulate key environmental factors in fish farming, such as temperature, oxygen levels, and nutrition, thereby enhancing aquatic animals health and quality. 

This initiative aligns with the National Laboratory’s ongoing efforts to localize RAS technology using fresh water. 

Trout were farmed and raised from the egg incubation stage to the point where they reached a commercial size of over 1,200 grams. 

This success has encouraged the private sector to adopt the technology across various regions in Saudi Arabia, including Riyadh, Makkah, Al-Baha, and the northern regions. 

Trout and other cold-water river fish were specifically chosen for local farming to meet the growing demand for high-protein, omega-3-rich, and vitamin-packed fish, which are essential for human health. 

In October, the Ministry of Environment, Water, and Agriculture announced that Saudi Arabia’s fisheries and aquaculture production increased by 55.56 percent in 2023, surpassing 140,000 tons. This highlights the Kingdom’s commitment to achieving food self-sufficiency and promoting sustainable development. 

The ministry noted that the country has achieved record-breaking production levels in saltwater and inland aquaculture projects, surpassing the 90,000 tonnes recorded in 2021.

Aquaculture in the Kingdom, which began in 1982, has grown substantially, establishing the nation as a leading exporter of white shrimp.


Saudi royal reserve launches 45-day Naylat Camp in Hail

Updated 25 min 38 sec ago
Follow

Saudi royal reserve launches 45-day Naylat Camp in Hail

RIYADH: The King Salman bin Abdulaziz Royal Reserve Development Authority has launched Naylat Camp, a 45-day event in the Hail region, the Saudi Press Agency reported on Monday.

Located in the breathtaking Naylat area, renowned for its soaring mountains, golden sands, clear skies and tranquility, the camp offers a mix of adventure and relaxation.

Visitors can enjoy camel and horse riding, challenging hiking trails, stargazing, and exploring archaeological and historical sites within the reserve.

The camp features facilities designed to enhance the visitor experience while promoting sustainable ecotourism, according to SPA.

The initiative aims to promote sustainable tourism by showcasing the region’s natural beauty, raising environmental awareness about preserving biodiversity, and supporting the local community through seasonal job opportunities and regional development.

The King Salman reserve covers an area of 130,700 sq. km, spanning four administrative regions: Al-Jawf, Hail, Northern Borders and Tabuk. It features diverse natural habitats, terrains and distinctive geographic formations.