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Saudi Arabia has raised the estimate of its mineral wealth by 90% to $2.5 trillion

Saudi Arabia announced the discovery of underground mineral wealth exceeding 9.3 trillion riyals ($2.5 trillion), compared to previous 2016 estimates of 5 trillion riyals ($1.3 trillion) at the time, an increase of about 90 percent. As a promising new oil… with a large and stable future economy.

Amidst a large and unprecedented presence of 79 countries represented at ministerial and high-level official levels, Minister of Industry and Mineral Resources Bandar Al-Qorayef unveiled the new natural resources scale. At the third edition of the International Mining Conference, on Wednesday, in Riyadh, under the patronage of Khadim, the Two Holy Mosques King Salman bin Abdulaziz.

The Saudi government seeks to make the mining sector the third pillar of the national economy. It amended laws and regulations to expand the scale of investments in the system and attract capital to achieve those goals.

Transition metals

Al-Gharif confirmed that the increase reflects additional volumes that include new discoveries of rare earth elements and transition metals, along with a huge increase in phosphate ore and other minerals such as copper, zinc, gold and other minerals. Reassessment of fair prices.

He pointed out that the results announced as a result of exploration and mining geological survey activities carried out in the past years have led to great efforts in the issuance of mineral exploration licenses, which have increased fourfold in the last three years. The number of licenses issued in six years, which preceded the release of the new mining investment system, contributed to the increase in the cost of exploration from 70 riyals to 180 riyals per square kilometer, confirming the possibility of investing in mining exploration activities.

During the conference, the Saudi minister announced the fifth and sixth rounds of the exploration license program, which will grant access to 33 exploration sites this year. , starting with the mineral bar in Jabal Saeed… an area of ​​more than 4,000 square meters,” he pointed out, adding, “It takes more than talk to unleash this potential. “It needs work.”

In an earlier edition of the conference, al-Gharif estimated Saudi mineral wealth at more than 5 trillion riyals, describing these estimates as “conservative”.

Prince Abdulaziz and a country that produces all kinds of energy

In turn, Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz explained in a dialogue session on the sidelines of the International Mining Conference that the Kingdom is taking climate change seriously: “We are no longer described as a leading country. In oil production, we want to be known as a country that produces all forms of energy.

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Prince Abdulaziz added that Saudi Arabia is not behind the US and the European Union in energy efficiency standards, “perhaps 3 or 4 years apart, 5 years at most”. By 2030

He indicated that Saudi Arabia believes in having a regional carbon market and is working to fulfill its obligations to meet local and regional needs.

Global Demand for Al-Rumi and Minerals

For his part, Yasser Al-Rumayan, governor of the Public Investment Fund, said global demand for minerals will rise sixfold by 2040 to meet global targets of zero emissions by 2050.

Al-Rumaian believes that the remaining 400,000 square kilometers to complete the survey in the Arabian Shield will contain additional reservoirs and materials for these mineral resources, as Ma'aden Company, which is affiliated with the Public Investment Fund, has expanded from gold discoveries. For other minerals such as zinc and lithium.

He explained: “We (Ma'aden) launched a joint investment project with the Public Investment Fund (Manara) through the Metals Company,” stressing that the country has already invested in some base metals.

Al-Rumayyan continued that Manara, the joint investment project of Ma'den and the Saudi Sovereign Company, will have investments of between 25 and 30 billion dollars in various countries and regions around the world this decade, and that thinking is now moving forward. Moving to “Zero Carbon Emissions” and its targets.

Al-Rumayyan continued: “We currently have a large amount of data, especially in relation to oil and gas, that can be used and used to assist us in our exploration efforts in (Ma'aden). The information helps determine the initial surface using artificial intelligence and appropriate algorithms, as well as exploration activities. Go deep to reach.” “True.”

Challenges and global challenges

For his part, Finance Minister Mohammed Al-Jadan noted that the mining sector is linked globally to the transition to clean energy, pointing out that batteries, electric cars and wind turbines are needed for the appropriate energy transition and development. This will require lithium, copper, rare metals and others.

He added: “We need a mix of elements, a clear and strong legal framework that takes into account the long-term nature of the sector, and ensure that multilateral institutions support the few countries that need it and are unable to do so. “

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Al-Ibrahim and the Development of the Next 16 Years

For Economy and Planning Minister Faisal Al-Ibrahim, he said that the Kingdom plays an important role in many sectors related to the global economy and effectively contributes to removing burdens from certain areas.

He said there are global challenges in the mining sector. Most notably: an increase in the level of demand; Saudi Arabia has over 3 million tonnes of cobalt, copper, lithium and rare earths, indicating huge growth over the next 16 years, whether as rare minerals or critical to the transition to clean energy.

Al-Ibrahim continued that renewable energy has been prioritized to achieve 50 percent clean and sustainable energy, which plays an important role in many sectors related to the global economy and effectively contributes to providing solutions in all sectors.

According to the Minister of Economy and Planning, Saudi Arabia offers more solutions to mitigate major challenges facing the world.

Al-Faleh, exploration and investment

On the other hand, Investment Minister Engineer Khaled Al-Balih said that the Kingdom is capable of harvesting, exploring and prospecting its resources, and that the Central Asia, Middle East and Africa region has one-third of the world's mineral resources. The region has not received enough investment in research, exploration and infrastructure, and demand for the commodity is expected to rise many times over the coming years.

Noting that more trillions of dollars will be needed to reshape the global supply chain in the coming decades, the minister noted that the kingdom will be a link between countries facing financial and logistical challenges in closed regions of Central Asia and Africa.

actors

For his part, Saudi Arabia's Minister of Foreign Affairs and Ambassador for Climate Affairs, Adel Al-Jubeir, explained that the Kingdom has more than 70 initiatives in support of the environment and has invested a lot in this sector. Stability is critical to achieving economic growth and encouraging investment.

Al-Jazar and the transport system

The Minister of Transport and Logistics, Engineer Saleh Al-Jasser, spoke about the role of the transport and logistics system in supporting mining operations and the implementation of the industrial strategy to achieve the goals of the National Strategy for Transport and Logistics and promote the development of the country. Status as Global Logistics Hub as per “Vision 2030”.

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Conversation sessions

On the sidelines of the conference, several dialogue sessions were held with wide participation of officials and leaders of international mining companies to discuss the present and future of minerals.

The founder and CEO of the Canadian Ivanhoe Mines Group touched on Saudi Arabia's important role in industry and mining, explaining that the Kingdom will become one of the most important regions in the world in this sector.

The CEO of the Saudi Export-Import Bank, Engineer Saad Al-Khalab, confirmed that his country is working to reduce risks in the mining sector through investments and various facilities for project owners, lenders and investors.

The Chairman and CEO of the Fiori Group of Companies pointed out that partnerships with governments achieve stability in financial systems and revenues, and that all officials, stakeholders and decision-makers should be invested in the main event.

A geochemical study on the “Arabian Shield”.

The CEO of the Saudi Geological Survey, Engineer Abdullah Al-Shamrani, revealed to Asharq Al-Awsad that about 40 percent of the data collected in the (precise) geochemical survey covers a total area of ​​about 218 thousand square kilometers. The “Arabian Shield” is complete. », indicating that more than 48 elements have been discovered in the kingdom.

Al-Shamrani said 30 percent of the first phase (aerial) geophysical survey of the “Arabian Shield” has been completed, covering a total area of ​​about 180,000 square kilometers.

All information from geochemical and geophysical surveys and drilling samples from the General Geological Survey Initiative will be made available on the National Geological Information Platform on Wednesday, on the sidelines of an international mining conference in Riyadh, he stressed. Approximately 3 terabytes of information.

The Ministry of Industry and Mineral Resources announced that 30 percent of the geological survey work has been completed in the Arabian Shield area of ​​700 thousand square kilometers, the results of which will be available in the National Geological Database. An estimated volume of more than 10 terabytes will be an incentive to invest in the mining sector.

The Public Geological Survey Initiative aims to improve the quality of data and the accuracy of geological maps to improve and facilitate the exploration of mineral resources in the Kingdom as a result of the development of a new mining investment system. .

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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