His Excellency, the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, participated in a discussion session during the Egypt Mining Forum 2023, held in Cairo, Egypt, on July 18-19, with the participation of several leaders, officials, investors, and mining industry experts.
During the session, titled "Balancing Resources and Responsibility - Joint Strategies for Sustainable Mining in Developing Countries," Al-Khorayef explained that Saudi Arabia has chosen to focus on the mining sector as a strategic option to help achieve the goals of Saudi Vision 2030 in diversifying the national economy. He pointed out that the current focus is on maximizing the sector's economic impact, rather than short-term financial returns.
He further noted that the decision to link mining with industry is a key enabler for the industry, emphasizing the increasing importance of mining in helping global communities address various challenges and meet the growing global demand for key minerals amid the transition to clean energy use. He confirmed that the Middle East and Central Asia region holds 30% of the world’s mineral reserves.
The Minister also affirmed that Saudi Arabia's mining investment system has been built according to the latest global practices, addressing investor concerns from all over the world, especially increasing opportunities for growth and profitability, eliminating investment risks, and creating a flexible mechanism capable of adapting to various changes in the environment. This has resulted in an increase in the number of licenses issued for various mining sites, growing investor interest in the exploration auctions launched by the Ministry, and a reduction in the licensing issuance duration.
Al-Khorayef explained that Saudi Arabia's unique geographic location and its natural resources position it to be a key player in addressing global challenges in supply chains, whether in oil and gas or minerals. The mining strategy and various initiatives derived from the mining investment system have contributed to developing geological exploration processes, enabling investors to access more data, and improving geological maps through advanced digital techniques.
