Al-Mudaifer: Unprecedented global demand for the Saudi mining sector

Engineer Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, affirmed that the Saudi mining sector has become the focus of the world’s attention, noting that the International Mining Conference hosted by the capital, Riyadh, has established its position as one of the most important global platforms for strategic dialogue and cooperation in the minerals sector, at a time when the world is witnessing major shifts towards clean energy.

A global platform for shaping the future

Speaking to Al Arabiya Business, Al-Mudaifer explained that the sector's significant momentum reflects international confidence in the Kingdom's investment environment. He revealed that the Ministry received over 26,000 applications to participate in the fifth edition of the conference, a record number that prevented the acceptance of all applicants, thus underscoring the growing importance of this event.

This gathering gains its importance from being the largest global ministerial meeting in this field, bringing together under one roof ministers and officials from 103 countries, along with 70 leaders from international organizations and trade unions, and more than 400 CEOs of major global mining companies, to discuss the challenges of global supply chains.

The third pillar of Vision 2030

This international interest aligns with the goals of Saudi Arabia’s Vision 2030, which has established the mining sector as a third pillar of national industry, alongside oil, gas, and petrochemicals. The Kingdom seeks to develop its mineral wealth, estimated at approximately 5 trillion riyals (around $1.3 trillion), an economic reality that enhances the attractiveness of the Saudi market.

Al-Mudaifer pointed to the qualitative leaps achieved by the sector, transforming it from a previously marginal industry into a core industry in which the Kingdom is about five years ahead of many countries worldwide in terms of regulation and legislation. This has been reflected on the ground by a fivefold increase in exploration rates and a rise in the number of mining companies from just six before Vision 2030 to more than 240 currently operating in exploration and production.

Critical metals and energy transition

Speaking about global trends, Al-Mudaifer noted that the conference will focus on strategic minerals such as copper, aluminum, and phosphates, in addition to rare earth minerals. These minerals are of paramount importance today as they are the backbone of modern industries, including defense technologies, electric vehicles, data centers, and renewable energy.

The focus on copper specifically comes in light of its pivotal role in the infrastructure for electricity and electric vehicles, which is in line with Ma’aden’s recent announcements about promising discoveries including copper, nickel and platinum group elements.

Huge discoveries and innovative funding

Al-Mudaifer cited tangible successes, such as Ma’aden’s announcement of adding 7.8 million ounces of gold to its resources, which represents 10% of the discovered resources, indicating that the Kingdom’s subsoil still holds many undiscovered riches.

To ensure the sustainability of this growth, the Deputy Minister explained that financing is the cornerstone, as cooperation is underway with international investment banks to create financing gateways that connect companies with investors, as well as supporting entrepreneurship and modern technologies through competitions in which 374 teams from 70 countries participate.