His Excellency, Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, confirmed that the mining sector in the region and the world urgently needs massive investments to transition to renewable energy and achieve carbon neutrality, noting that such investments are currently insufficient.
During his participation in a discussion session titled "Financing Global Mineral Value Chains – Exploration, Projects, and Commercial Financing," held on the first day of the third edition of the International Mining Conference in Riyadh, Al-Mudaifer highlighted several factors that influence attracting investors to the mining sector, including policy stability, innovation in technologies, and enhancing the recycling of minerals.
He pointed out that, despite the new challenges resulting from increased demand for minerals, there are opportunities that can be developed and seized through the use of technologies and innovations in mineral discovery and extraction processes. He emphasized the vital role of governments in addressing various challenges by adopting policies that facilitate the issuance of licenses and contribute to the development of the sector.
Al-Mudaifer further explained that cooperation between countries in this field is of paramount importance to support supply chains through increased investments and capacity building, both of which are essential to meet the growing global demand for strategic minerals. He stressed that current production is insufficient to meet future demand.
He stated that the mining sector urgently requires $5 trillion in investments to close the gap, support critical minerals, and develop infrastructure, services, and electricity production. He emphasized the importance of financing as a key element in accelerating successes and achieving clean energy goals.
Regarding the Kingdom’s efforts to develop the mining sector, Al-Mudaifer reviewed several steps taken under Vision 2030, including the modernization of the Mining Investment System, which forms the legislative and regulatory framework for the sector, providing a clear, transparent, and enabling environment for investors in the mining sector, making geological data available to investors, improving basic infrastructure for the sector, and offering incentives to attract investors.
