RIYADH: Ƶ has reaffirmed its commitment to addressing global challenges and fostering transformative change during a ministerial roundtable at the Future Minerals Forum.
Hosted in Riyadh from Jan. 14 to 16, the event is set to welcome government representatives from up to 90 countries, including 16 G20 nations, alongside industry leaders, NGOs, and international organizations in what is now its fourth edition.
This year’s gathering highlighted the need for significant investments of $6 trillion over the next decade to meet rising demand in the mining sector amidst challenges such as commodity market volatility and workforce gaps.
Opening the roundtable, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized the forum’s evolution as a collaborative platform for crafting actionable solutions to pressing global challenges.
“Today, we embark on this year’s future reform, a moment to reflect on our shared achievements and set the stage for a future of meaningful impact. The evolution of this gathering is testament to the growing recognition of its importance and impact,” Alkhorayef said.
The minister also highlighted the diversity and depth of representation at this year’s event, which included government representatives and participants from the private sector, international organizations, and NGOs.
Representatives from 89 countries gather at FMF. X/@FutureMineral
The roundtable addressed key challenges in the sector, including developing a strategic framework to harness the mineral wealth of Africa, West, and Central Asia for economic growth.
It also focused on promoting sustainability by setting responsible supply priorities aligned with local conditions and enhancing transparency through supply chain certification.
Additionally, the creation of Regional Centers of Excellence was highlighted to boost investments, develop skilled talent, and accelerate technological innovation.
Alkhorayef acknowledged the volatility in commodity markets and stressed the importance of stakeholder engagement and addressing the talent gap caused by an aging workforce.
Aligned with its Vision 2030 goals, Ƶ is positioning the mining sector as a catalyst for sustainable economic growth.
The Kingdom’s mineral wealth is estimated at $2.5 trillion, with untapped deposits of phosphate, gold, zinc, and copper.
The sector’s contribution to GDP is expected to increase to between $70 billion and $80 billion by 2030 from $17 billion currently, creating over 200,000 jobs.
As part of the forum, Alkhorayef announced several key memoranda of understanding to strengthen international mining partnerships.
Among the key agreements, Ƶ and Djibouti signed an MoU to cooperate in the field of mineral resources, paving the way for enhanced efforts to unlock mining opportunities between the two nations.
The Kingdom also signed agreements with Jordan, the UK, and Zambia to collaborate on mineral resource development, focusing on sustainable practices, technology transfer, and economic growth.
The Kingdom also forged a new MoU in the same field with the Republic of Austria and a declaration of intent with France, further expanding its global network of partnerships.
These agreements highlight Ƶ’s commitment to enhancing global cooperation in the mining sector and advancing its Vision 2030 goals.
