Saudi Arabia Signs Mining Collaborations with Egypt, Russia, Morocco, and Congo at Future Minerals Forum

Saudi Arabia Signs Mining Collaborations with Egypt, Russia, Morocco, and Congo at Future Minerals Forum

Saudi Arabia has entered into agreements for mining collaborations with four nations, namely Egypt, Russia, Morocco, and the Democratic Republic of Congo. The memorandums of understanding (MOUs) were signed during the Future Minerals Forum held in Riyadh, Saudi Arabia. These collaborations aim to enhance cooperation in the field of mineral wealth.

The MOUs signed by Saudi Arabia involve Egypt’s Ministry of Petroleum and Mineral Resources, Morocco’s Ministry of Energy Transition and Sustainable Development, Congo’s Ministry of Mines of the Democratic Republic, and a separate agreement with Russia pertaining to geology.

In addition to these collaborations, several other initiatives and investments were announced during the event. Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, unveiled a $182 million (SR682.5 million) exploration incentive program, in partnership with the Ministry of Investment. This program aims to de-risk investments in exploration to unlock new commodities, greenfield projects, and support junior miners. Furthermore, the fifth and sixth rounds of licensing programs were introduced, offering access to 33 exploration sites.

Yasir Al-Rumayyan, the Governor of the Public Investment Fund in Saudi Arabia, also presented a plan to nurture the next generation of mining talent. A collaboration has been established between Maaden, the Ministry of Industry and Mineral Resources, and King Fahd University of Petroleum and Minerals to create the first bachelor’s degree program in mining science and engineering. The curriculum will include Artificial Intelligence to ensure that the new talent is equipped for the future of the industry.

During the Future Minerals Forum, Saudi Arabia’s Minister of Investment, Khalid Al-Falih, highlighted the importance of cooperation between countries in the Middle East to meet the growing demand for critical minerals required for the global transition to net-zero emissions. He emphasized that this demand will increase significantly, and existing production facilities may decline due to resource depletion or environmental concerns.

The agreements and initiatives announced at the Future Minerals Forum demonstrate Saudi Arabia’s dedication to strengthening its mining sector and collaborating with international partners. By leveraging expertise and resources from Egypt, Russia, Morocco, and the Democratic Republic of Congo, Saudi Arabia aims to harness its mineral wealth and contribute to sustainable development.