The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, said that the Kingdom chose to focus on the mining sector as a strategic option that helps achieve the goals of Saudi Vision 2030 in diversifying the base of the national economy.
Al-Khorayef added, in a dialogue session within the activities of the Egypt Mining Forum 2023, entitled “Balancing Resources and Responsibility – Joint Strategies for Sustainable Mining in Developing Countries,” which will be held in the Egyptian capital, Cairo, on July 18 and 19, that choosing to link mining with industry is an empowerment point for the industry, in addition to the importance of mining is increasing to help global societies face various challenges, and fill the growing global need for key minerals in light of the shift towards clean energy uses.
He pointed to the focus on how to maximize the economic impact of the sector rather than the short financial impact, stressing that the Middle East and Central Asia region represents 30% of the global mineral reserves.
The minister explained that the Kingdom’s mining investment system was built according to the latest international practices, and addresses aspects related to the concerns of investors from all over the world, especially in increasing growth and profitability opportunities, eliminating risks related to investment, and finding a flexible mechanism capable of facing various changes in the environment, which resulted in an increase in the volume of licenses that we offer in a number of different mining sites, and the increasing demand from investors to enter the exploration auctions launched by the ministry, in addition to reducing the period for issuing licenses.
He pointed out that the Kingdom’s unique geographical location and the natural resources it contains allow it to be a major player in facing global challenges in supply chains, whether in oil, gas or minerals. The mining strategy and the various initiatives emanating from the mining investment system contributed to the development of geological exploration operations and enabling investors to access more data, in addition to improving geological maps in an advanced digital way.