Saudi Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer revealed that exploration spending in the Saudi mining sector saw a significant increase, from around 100 million SAR ($26.6 million) in 2018 to over 500 million SAR ($133 million). .3 million dollars) per year.

Al-Mudaifer said these funds are invested in local service companies, including drilling and laboratory services, as well as the employment of Saudi and international professionals.

The deputy minister made the remarks during a press conference held to unveil details of the fourth edition of the International Mining Conference, scheduled to take place in Riyadh from January 14 to 16.

Al-Mudaifer described the conference as a key platform to address the challenges of the mining sector and find practical solutions. The event will welcome representatives from 85 countries, including mineral producers and consumers, as well as more than 50 international organizations, unions and community organizations.

The conference will feature over 75 sessions with over 250 speakers, including ministers and senior local and international officials, addressing pressing topics such as project financing, promotion of future mining areas, role of minerals in community development and the impact of technology on the sector.

Al-Mudaifer highlighted Saudi Arabia’s ambition to establish frameworks for international cooperation in the mining sector, driven by its historical importance and geographic location as a trusted energy supplier. He highlighted the need for a unified global effort to address the sector’s growing challenges, including insufficient exploration spending, which is currently below the level required to achieve sustainable growth.

The Deputy Minister stressed that increasing investment in exploration, technological innovation and attracting new investments are key to overcoming these challenges. Despite these obstacles, he remains optimistic, citing growing global demand for minerals as an important driver of economic growth.

Saudi Arabia experiences significant opportunities in the mining sector, particularly in exploration. Al-Mudaifer highlighted that new mineralized zones, covering areas between 2,000 and 4,000 square kilometers, have been announced for 2024, a ten-fold increase compared to 2023.

Previously, only 1,000 square kilometers were allocated for exploration each year, but this year around 10,000 square kilometers have been proposed, he noted. Several large international companies have participated in the latest investment competitions, pledging to spend on exploration, employ young Saudi geologists and support local communities near exploration sites.

Investments and regulatory advances

According to Al-Mudaifer, Saudi Arabia has made substantial investments in the mining and mineral sectors, particularly in iron, aluminum, electric vehicle batteries, copper and chemicals. Current investments exceed SAR 120 billion ($32 billion) and are expected to reach SAR 300 billion ($80 billion) by 2035.

He also noted that the Kingdom is one of the fastest countries in developing mining regulations and infrastructure. This progress is attributed to the comprehensive strategies of Saudi Vision 2030, which aim to position the Kingdom as a global leader across all sectors, with a strong focus on sustainability.

Aramco Fields

Al-Mudaifer revealed that Saudi Arabia successfully extracted lithium from brine samples in Aramco fields and plans to launch a commercial pilot program for direct lithium extraction soon. The project will be led by Lithium Infinity (LihyTech), a startup from King Abdullah University of Science and Technology, in collaboration with Aramco and the Saudi Arabian Mining Company (Ma’aden).

Sustainable development

Ali Al-Mutairi, General Supervisor of the International Mining Conference, said that inclusiveness will be the cornerstone of the event, which aims to bring together all stakeholders in the global mining industry, including governments, organizations international politicians, NGOs and investors. with the financial capacity to support major projects.

One of the main objectives of the sector, he added, is to foster community development, aligning with the emphasis on the rights of organizations in environmental sustainability and talent development in order to create employment opportunities and promote sustainable growth.

Global Networks

The upcoming conference will highlight G20 countries and other resource-rich countries, with the participation of 85 countries and various organizations, including those affiliated with the UN.

A notable new event on the sidelines of the conference will be a meeting of global centers of excellence and technology to establish a regional and international network aimed at strengthening human capacities, accelerating the adoption of advanced technologies and transferring expertise from developed countries to less developed countries.

The conference will also feature the Investment Pathway, a two-day program designed to address one of the mining industry’s critical challenges: financing, particularly for early-stage exploration projects.

Knowledge exchange

The accompanying three-day exhibition will focus on modern mining technologies, Al-Mutairi said, adding that it will feature national pavilions from major mineral-producing countries, including Australia, Canada, Brazil and India, promoting the exchange of technologies and knowledge.

For the first time, the conference will host a day of knowledge exchange, providing a dedicated platform to share the latest developments in mineral information, geology, technology, sustainability and talent development, in the aim to improve collaboration and sharing of expertise between global specialists. .