Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, affirmed the Kingdom’s aspiration to expand Saudi-Russian cooperation in rare and critical minerals, a strategic step aimed at supporting the shared interests of both countries and contributing to building more resilient and sustainable global supply chains. These significant remarks were made during the Minister’s participation in the St. Petersburg International Economic Forum in Russia, reflecting the growing importance the Kingdom places on the mining sector as a key component of its future vision.
These efforts come amidst major global and regional economic shifts. Saudi-Russian relations have witnessed remarkable development in recent years, extending beyond coordination in energy markets within the OPEC+ framework to encompass diverse economic and investment sectors. The Kingdom views Russia, with its extensive experience and vast natural resources in the mining sector, as a strategic partner with whom it can collaborate to maximize the value of the Kingdom's abundant mineral wealth.
Vision 2030 and the role of minerals as a new economic pillar
The mining sector is a cornerstone of achieving the goals of Saudi Vision 2030, which aims to diversify the national economy and reduce dependence on oil. In this context, Al-Khorayef explained that the Kingdom seeks to play a pivotal role in the global mining sector, similar to its historical role in stabilizing energy markets. To achieve this, the Kingdom has intensified its geological surveys and exploration efforts in recent years, contributing to an increase in estimated untapped mineral wealth to approximately $2.5 trillion, a rise of nearly 90% compared to 2018 estimates. This vast mineral wealth opens up significant opportunities for high-quality international partnerships, such as the one the Kingdom is pursuing with Russia.
Dimensions of Saudi-Russian cooperation in minerals and its global impact
The impact of this cooperation extends beyond the two countries themselves, influencing the global minerals landscape. Rare and critical minerals, such as lithium, cobalt, and neodymium, are vital to advanced technology and clean energy industries, from electric vehicle batteries to wind turbines and microelectronics. By forging strong partnerships in this sector, Riyadh and Moscow can enhance the global security of these crucial materials and offer new alternatives in a market currently dominated by a limited number of international players. This approach supports the stability of value chains and mitigates the risks of geopolitical instability to future industries.
International platforms to promote partnerships
Minister Al-Khorayef noted that the Kingdom has not limited itself to local efforts, but has also launched the International Mining Conference, which has become a leading global platform bringing together governments, major mining companies, financial institutions, and academic bodies. The latest edition of the conference saw participation from 100 countries, solidifying its position as a key forum for discussing the sector's challenges and developing the necessary partnerships to address them. This diplomatic and economic momentum paves the way for translating aspirations, such as expanding cooperation with Russia, into tangible investments and projects that serve the non-oil economy, whose exports reached approximately 620 billion riyals last year, with mining products constituting a significant portion.
