The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, affirmed that the Kingdom of Saudi Arabia is taking firm steps towards reshaping the global mining landscape. He explained that the national mining strategy is fundamentally based on transitioning from extraction to localizing processing and manufacturing operations. Al-Khorayef pointed out that this approach is not merely a strategic choice, but stems from a unique competitive advantage possessed by the Kingdom: the integration of abundant mineral resources, available energy sources, and a distinguished geographical location connecting three continents.
This approach aligns with the goals of Saudi Vision 2030, which has established the mining sector as a third pillar of national industry, alongside oil, gas, and petrochemicals. The Kingdom seeks to leverage the mineral wealth untapped in the Arabian Shield, estimated to be worth trillions of dollars, to enhance economic diversification and create local value chains instead of exporting raw materials.
The minister's remarks came during a press conference held in Riyadh following the conclusion of the international ministerial meeting, part of the fifth edition of the International Mining Conference. Al-Khorayef stated, "The ministry's name – the Ministry of Industry and Mineral Resources – clearly reflects the state's direction towards linking mining with industry." He also revealed the establishment of a specialized platform to balance supply and demand in order to determine local needs. The Kingdom will export surpluses of some minerals while addressing gaps in others, thus strengthening its position as a global logistics and industrial hub.
Indicating the growing importance of Saudi Arabia's role, the minister noted the record growth in the number of participating countries at the international ministerial meeting, which jumped from 25 countries in its first edition to more than 100 countries and 59 international organizations this year. This strong attendance confirms the forum's transformation into a leading platform for addressing global issues concerning the future of mining and minerals, particularly in light of the global shift towards clean energy.
For his part, the Deputy Minister for Mining Affairs, Engineer Khalid bin Saleh Al-Mudaifer, addressed the strategic importance of rare earth elements, emphasizing that they have become the backbone of the modern economy due to their use in robotics, electric vehicles, and magnets—industries that shape the future of the global economy. He noted that the Kingdom is working through the National Minerals Program to ensure the availability of these minerals for national industries, thereby enhancing the Kingdom's industrial security.
Regarding the regional dimension and support for development in Africa, Al-Mudaifer stressed that the Kingdom is working with international partners to establish logistical corridors and comprehensive infrastructure for energy, water and transportation, to enable African countries to exploit their mineral wealth, in addition to stimulating exploration operations, which reflects the Kingdom’s leading role in the region.
At the international level, Valerie Levkov, Vice President of the World Bank Group for Infrastructure, explained that she had announced at the meeting the adoption of a new strategy aimed at increasing the Bank's support for the mining sector fivefold over the next five years. This strategy aims to enable mineral-rich countries to maximize local value-added and bridge the enormous financing gap estimated at $500 billion.
The conference concluded with a review by Rohitsh Dhawan, CEO of the International Council on Mining and Metals (ICMM), of the human resources challenge, noting the need to increase the workforce by 3 to 5 times in the future, and praising the Kingdom’s success in changing the perception of the sector and attracting Saudi youth to these vital jobs.
