Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, affirmed that the development of the modern mining sector cannot be achieved without the combined efforts of governments, companies, and scientific and financial institutions. He noted that the Kingdom has made international cooperation a key pillar of its strategy for developing this vital sector. This came during his participation in a panel discussion at the St. Petersburg International Economic Forum 2026, which highlighted the importance of rare and strategic minerals.
These statements come within the context of the Kingdom's ongoing efforts to activate one of the most important pillars of Vision 2030: diversifying national income sources and reducing dependence on oil. The mining sector is considered the "third pillar" of Saudi industry, alongside oil and petrochemicals. The Kingdom's lands, particularly in the Arabian Shield region, are rich in vast mineral resources estimated to be worth trillions of dollars, including gold, copper, phosphate, uranium, and rare earth minerals, which are crucial to advanced technology industries.
A strategic vision to attract global investments
Al-Khorayef explained that developing the mining industry requires long-term investments, advanced technologies, and specialized programs to prepare national talent capable of leading the sector into the future. He emphasized that the goal is not limited to securing access to raw mineral resources, but extends to building integrated supply chains and a sustainable industrial system that adds significant economic value to the Kingdom. In this context, Saudi Arabia established the “Future Minerals Forum” as an international platform that brings together industry leaders, investors, and experts to foster partnerships and shape the future of global mining.
The importance of international cooperation in developing the mining sector
During the session titled “Rare and Strategic Minerals: Sovereignty and International Cooperation,” which included the participation of Russian First Deputy Prime Minister Denis Manturov and officials from Kazakhstan and Sierra Leone, prospects for international industrial cooperation were reviewed. Manturov emphasized that rare earth minerals have become a crucial element in global technological development due to their role in the energy, electronics, and engineering sectors. He noted that Russia possesses a vast resource base and scientific and industrial expertise that qualifies it to build an integrated production chain, expressing his country's openness to dialogue and cooperation in investments and joint projects.
Cooperation in the field of critical minerals is one of the promising avenues in the industrial dialogue between Saudi Arabia and Russia, especially with the Kingdom’s participation as a “guest of honor” at the St. Petersburg International Economic Forum, which opens up additional prospects for strengthening technical and investment partnerships between the two countries and contributes to stabilizing global supply chains for these vital materials.
