Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef affirmed Saudi Arabia’s aspiration to expand the horizons of cooperation and joint investment with Russia in the rare and critical minerals sector, in a way that supports the common interests of the two countries and contributes to building more flexible and sustainable supply chains at the global level.
Al-Kharif’s statements came during his participation in the St. Petersburg International Economic Forum in Russia, as reported by the Saudi Press Agency.
He said that the Kingdom seeks to play a pivotal role in the mining and minerals sector, similar to its historical role in enhancing the stability of global energy supplies, by building international partnerships and developing an integrated system that supports the growth of the sector and contributes to enhancing the security of global mineral supplies.
Al-Khorayef explained that the Kingdom launched the International Mining Conference to be a global platform that brings together governments, mining companies, financial institutions, and academic and technical bodies. With the aim of enhancing international cooperation and developing the necessary partnerships to address the challenges facing the sector.
He pointed out that the conference has consolidated its position as one of the most prominent global specialized platforms, as its latest edition witnessed the participation of 100 countries, in addition to major mining companies, financial institutions, and academic and technical bodies.
He stated that the mining sector represents one of the main pillars for achieving the goals of the Kingdom’s Vision 2030 and diversifying the national economy, explaining that the Kingdom has intensified over the past years geological survey and exploration work, which contributed to raising estimates of mineral wealth to about 2.5 trillion dollars, an increase of about 90% compared to the estimates announced in 2018.
He pointed out that the Kingdom views mining as the third pillar of the national industry, as it provides opportunities to develop manufacturing industries and value-added chains and support the growth of the non-oil economy, noting that the Kingdom’s non-oil exports recorded about 620 billion riyals during the past year, and mineral products, fertilizers and aluminum formed an important part of them.
The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, confirmed Saudi Arabia’s aspiration to expand the horizons of cooperation and joint investment with Russia in the field of rare and critical minerals, which supports the common interests of both countries and contributes to building more resilient and sustainable supply chains at the global level.
These statements were made by Al-Khorayef during his participation in the St. Petersburg International Economic Forum in Russia, as reported by the Saudi Press Agency.
He stated that the Kingdom seeks to play a pivotal role in the mining and minerals sector, similar to its historical role in enhancing the stability of global energy supplies, through building international partnerships and developing an integrated system that supports the growth of the sector and contributes to enhancing the security of mineral supplies globally.
Al-Khorayef explained that the Kingdom launched the International Mining Conference to serve as a global platform that brings together governments, mining companies, financial institutions, and academic and technical entities; With the aim of enhancing international cooperation and developing the partnerships necessary to address the challenges facing the sector.
He noted that the conference has established its position as one of the most prominent global specialized platforms, as its latest edition witnessed participation from 100 countries, alongside major mining companies, financial institutions, and academic and technical entities.
He indicated that the mining sector represents one of the main pillars for achieving the goals of Saudi Vision 2030 and diversifying the national economy, explaining that the Kingdom has intensified geological surveys and exploration activities in recent years, which contributed to mineral wealth estimates to about $2.5 trillion raising, an increase of approximately 90% compared to the estimates announced in 2018.
He pointed out that the Kingdom views mining as the third pillar of the national industry, due to the opportunities it provides for developing manufacturing industries and value-added supply chains, and supporting the growth of the non-oil economy, noting that Saudi non-oil exports recorded about 620 billion riyals during the past year, with mining products, fertilizers, and aluminum forming an important part of it.
