Ministers to Asharq Al-Awsat: We are working with Saudi Arabia to explore critical minerals in the region
A number of ministers stressed to Asharq Al-Awsat the necessity of integrated work with Saudi Arabia to explore the mining wealth in the region, including critical minerals, indicating that the Kingdom has witnessed broad movements in the localization and investments of this industry, in addition to the country’s keenness to cooperate with all countries. To enable it to manage natural resources.
This came during the ministerial meeting on the sidelines of the International Mining Conference in its third edition, which began on Tuesday in Riyadh under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and with an unprecedented presence of 79 countries represented at the level of ministers and high-level officials. To discuss the present and future of metals.
Minister of Industry and Mineral Resources Bandar Al-Khorayef told Asharq Al-Awsat that the Kingdom was able to bring together producing countries with those that are less productive to face the challenges regarding critical minerals.
Investment flow
He stated that the sector faces great challenges, most notably: the flow of investments, and agreement on definitions about the nature of critical minerals on the one hand, and also how to extract them with high efficiency that ensures a balance between the interests of countries and peoples, as well as economic aspects, pointing out that the ambition lies in reaching consensus between the participating countries. In many goals we work to activate them.
Al-Khorayef added that the government aims for the mining sector to become the third pillar of industries and is moving in this direction, and has achieved several achievements, the most important of which is the geological survey project. He explained that a recent assessment of mineral resources will be announced during the conference, which exceeds the amount previously estimated at 5 trillion riyals (1.3 trillion riyals). trillion dollars).
Al-Khorayef stated that the new assessment is characterized by precise details and references by reliable international bodies to ensure the credibility of this assessment.
He stated that the ministerial meeting touched on several topics, most notably: how to make the region important in the production of green minerals, and also the creation of centers of excellence, as the Kingdom will begin establishing the first center in partnership with the King Abdulaziz City for Science and Technology, and the National Industrial Development and Logistics Services Program (NDLEP). And the Geological Survey, to work to maximize mining industries and address the problems facing the world in providing minerals.
Minister Al-Kharif added that the Kingdom, after issuing the new mining investment system, witnessed a great demand from international mining companies wishing to enter the local market, as the system is considered one of the best in the world in terms of transparency and clarity, and the speed of issuing the necessary licenses, in addition to the taxes imposed, which are… The lowest among countries in the world, in addition to the Kingdom’s geographical location, which qualifies it to be an important region possessing natural resources.
solar energy
In turn, the Egyptian Minister of Petroleum and Mineral Resources, Engineer Tarek El-Mulla, stated to Asharq Al-Awsat that the African continent is full of various and also critical minerals, and its importance currently lies in working on transitional and solar energy, batteries and other materials that are used to reduce emissions and reduce the use of fossil fuels.
He explained that the Kingdom is a pioneer in the field of production and export of fossil fuels, including oil and others, as well as in the industries for extracting various minerals, including critical ones, stressing the need for cooperation between it and African countries to enable them to manage these untapped wealth, through sustainability, creating job opportunities, and exporting raw materials.
The Egyptian Minister revealed the signing of a memorandum of understanding with his Saudi counterpart for technical and geological cooperation in potential manufacturing operations for the natural resources owned by the two countries, and also with regard to the fields of training, research and studies.
For his part, the Libyan Minister of Industry and Minerals, Ahmed Abu Hisa, indicated to Asharq Al-Awsat that his country is following the industrial revolution and the localization of industry in the Kingdom, stressing that his country currently aspires to have a share in these investments and relations in the field of manufacturing, innovation, research and geological development.
He continued: “We aspire to begin setting the parameters for bilateral relations with Saudi Arabia, as well as the Arab region, because we are located in a strategic geographic location linking Africa and Europe, and these are great strengths in the country that attract foreign investments, especially Arab ones.”
supply chains
For his part, Deputy Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khaled Al-Mudaifer, said that it is possible to create unprecedented opportunities from the challenges facing the sector to increase investment and build capabilities to meet the growing global demand.
Al-Mudaifer continued that the ultimate goal of the ministerial meeting is to support supply chains by focusing on increasing investment and capacity building, stressing the necessity of integrated work from everyone to meet the need for building materials and infrastructure.
He added: “Until now, 75 percent of exploration spending is still spent in only 5 countries, and we have achieved remarkable progress and major steps in a number of initiatives, and we still have a lot to do.”
He added: “We will build a global framework for minerals in order to develop policies and accelerate exploration and extraction operations, and we are on the verge of a new era in the mining sector and metals industry.”
For his part, the General Supervisor of the International Mining Conference, Ali Al-Mutairi, told Asharq Al-Awsat that the number of agreements to be signed during the event would reach about 80 agreements between the public and private sectors.
He revealed that the number of those registered for the event reached more than 18,000, including 10,000 international registrations from multiple nationalities, which is a first of its kind in the Kingdom. Because the conference is directed to specialists and leaders of the industrial sector.
Al-Mutairi added that the volume of registration confirms the development and content provided by the conference, which has become an international destination for the mining sector worldwide.
Strategic and rare minerals
The Minister of Industry and Mineral Resources, Chairman of the Third International Meeting of Ministers for Mining Affairs, Bandar Al-Khorayef, opened the meeting, where participants agreed that the entire major mining region needs to shift from exporting raw minerals to producing mineral products with high added value.
At the same time, they acknowledged that the region does not currently have sufficient production capacity and capacity to meet the expected demand for minerals, as this will require innovating new methods for exploring, extracting and processing strategic and rare minerals, in addition to exploring mining areas with higher efficiency and returns on smaller areas, and the necessity of following mining practices. Safer, socially and environmentally responsible.
It is noteworthy that the International Mining Conference, scheduled to be held from January 10 to 11, hosts more than 15,000 participants from 145 countries, and more than 200 speakers participate in its sessions, including senior CEOs of major mining companies and related companies. In the metals and finance sector, and more than 150 sponsors and exhibitors.
2024-01-09 14:54:54
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