The third edition of the International Mining Conference concluded, held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may God protect him – from January 9-11, 2024, at the King Abdulaziz International Conference Center in Riyadh.
In his closing speech, His Excellency Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, expressed his gratitude to the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince – may God protect them – for their support and sponsorship of the conference, as well as their continuous attention and support for the development of the mining sector in the Kingdom. He also thanked the participating ministers from various countries, partners, and sponsors for their valuable contributions to the conference sessions and activities.
A press release issued by the Ministry of Industry and Mineral Resources stated that over 14,000 participants attended the conference, including investment leaders, CEOs of major mining companies, experts, and technical specialists from 133 countries. Additionally, 100 sponsors and exhibitors participated, and 250 speakers, including ministers, ambassadors, and heads of delegations from the participating countries, spoke in 70 conference sessions.
The conference discussions covered several pressing topics in the mining sector, including progress in the sector’s future agenda, addressing developments in issues discussed during the second edition of the conference, especially those related to mining in the large region extending from Africa to West and Central Asia. The sessions also focused on attracting investments to the mining industries in this region, promoting the use of advanced digital technologies in the sector, applying best sustainability standards, and discussing global mining trends and their impact on mineral and energy supply in the region and worldwide. Furthermore, the role of mining projects in community development was reviewed, along with the opportunities and potential of the sector in the Kingdom specifically, and the region in general.
During the conference, new estimates of untapped mineral potential in the Kingdom were announced, rising from $1.3 trillion to $2.5 trillion, marking a 90% increase. Additionally, 75 agreements and memorandums of understanding were signed, valued at over 75 billion riyals in the mining and mineral industries between various government entities and local and international companies participating in the conference. These agreements and memorandums covered areas such as mineral exploration, financing, technology, sustainability standards, and investment in supply chains. The conference also announced the winners of the fourth round of the mineral exploration license competition in the Bir Umq, Jabal Al-Suhaybah, and Umm Hadeed sites.
The ministry's statement also highlighted the establishment of an exhibition area showcasing current and future mining technologies, as well as an outdoor exhibition space and a dedicated area to display investment opportunities in Africa and West and Central Asia, which are emerging mining regions with the potential to meet future mineral demand. A Mining Exploration Opportunities Forum was held with major international exploration companies and national investment firms, aiming to build strategic alliances between local and international companies, enhance the competitive environment in the sector, transfer best technical expertise, and stimulate new mining discoveries in the Kingdom. During the forum, 33 mining exploration opportunities in the Kingdom were presented to local and international investors, previously announced under the “Accelerated Exploration Program” and the National Industrial Development and Logistics Program (NIDLP). Additionally, new incentives worth approximately 685 million riyals ($182 million) were launched, and the first mining tender in the region for the Jabal Sayid area was introduced, covering an area of 4,000 square kilometers.
