Riyadh – Mubasher: The fourth edition of the Future Minerals Forum (FMF) witnessed four strategic announcements to foster Saudi Arabia’s position as a global leader in the mining and minerals sector.
In line with the Saudi Vision 2030, the announcements aim to diversify the Kingdom’s national economy and enhance its position as a global hub for the mining industry, according to the Saudi Press Agency (SPA).
Saudi Arabian Oil Company (Aramco)and the Saudi Arabian Mining Company (Ma’aden) launched a new venture (VJ) aimed at exploring critical minerals essential for the energy transition.
Ma'aden also announced discoveries, reflecting the huge potential of the mining sector in the Kingdom. They include the expansion of the Mansourah and Massarah mines.
Hadeed, a subsidiary of the Public Investment Fund (PIF), fully acquired Al Rajhi Steel. The company also plans to invest SAR 25 billion to increase production and meet the needs of major projects in the Kingdom. It will also produce 10 million tonnes to meet domestic demand.
Additionally, Chinese company Baosteel established its first integrated steel plant outside China in collaboration with Saudi Aramco and the PIF.
The project is set to produce 1.50 million tonnes of steel plates annually, making it the first of its kind in the region and reflecting the strong economic cooperation between the Kingdom and China.
The Vice Minister of Industry and Mineral Resources for Mining Affairs, Khalid bin Saleh Al Mudaifer, said: “We have launched innovative projects in the exploration of critical minerals necessary for the energy transition and expanded our exploration efforts to include new areas with promising potential.”
On the sidelines of the event, the Saudi Ministry of Industry and Mineral Resources penned several deals with six countries to boost international partnerships and foster the Kingdom's mining sector.
