Future minerals forum: ministers discuss role of governments in strengthening mining sector
Saudi Arabia announces strategies to increase mining sector contribution to local GDP by 300% by 2030
RIYAD, KINGDOM OF SAUDI ARABIA, January 12, 2022 /EINPresswire.com/ –
* Saudi Arabia announces strategies designed to increase mining sector contribution to local GDP by 300% by 2030
* Inaugural Future Minerals Forum attracts international participation from over 100 countries
* Global mining leaders congratulate Kingdom for launching a collaborative approach to future mining industry growth that brings together opportunities from the Middle East, Africa and Asia
As part of far-reaching efforts to diversify its economy through its Vision 2030 strategy, with mining identified as the third pillar of industrial growth, Saudi Arabia aims to increase the contribution of the country. local mining industry to the country’s gross domestic product (GDP) of over 300%, rising from $ 17 billion to $ 64 billion by 2030.
The announcement was made by His Excellency Bandar bin Ibrahim Al-Khorayef, Saudi Minister of Industry and Mineral Resources, during his opening remarks at the inaugural Futures Minerals Forum in Riyadh.
In the presence of more than 2,000 people from 100 countries, including more than 150 major global investors and 100 leading international speakers, the Forum marks a turning point in the mining history of the Kingdom. Saudi Arabia is seeking to attract new investment and mobilize support for the development of the various geological assets identified in Africa, the Middle East and Asia. This initiative is essential to address a massive shortage of essential minerals in the global market and contribute to a more sustainable future for the countries of the super-region.
“This forum is a strategic part of Saudi Arabia’s overall mining development strategy, which in turn identified dozens of initiatives designed to elevate mining in the Kingdom in a sustainable manner. In addition, our aim is to strengthen the contribution of the mining sector to society, reduce its environmental impact and generate important jobs for our young people, ”said HE Al-Khorayef.
The Kingdom convened the Forum to bring together in one place, for the first time, governments, miners, investors and other stakeholders to shape the future of global mining and serve as a catalyst for development related to mining across the Middle East, Africa and Asia.
“The Forum also represents an opportunity to advance new responsible mining technologies and set the agenda for essential minerals. This is a vital event because, over the next decades, we will have to optimize our natural, technological and human resources so that the mining sector of tomorrow can respond in a responsible and equitable manner to the rapidly growing demand ”, continued HE Al-Khoraef.
The first day of the Forum featured in-depth sessions on the trends that are redefining the global mining environment and the ways in which regional collaboration and best practices can create a resilient supply of critical minerals, as well as robust integrated value chains that will propel a more sustainable future. . ”
SAR Abdulaziz bin Salman Al Saud, Saudi Minister of Energy, noted that the Kingdom’s mining and mineral resources will play a key role in the development of the country’s national energy sector: “Saudi Arabia is investing $ 3 trillion in an energy localization program that will make the Kingdom a world leader in energy.
Mark Bristow, President and CEO of Barrick, praised Saudi Arabia for hosting the Forum and launching a collaborative approach to exploit the region’s huge deposits of metals and minerals: ‘The Arab-Nubian Shield does has been only superficially explored and by shining the spotlight on this area through this Forum, we can explore opportunities for collaboration for exploration and discovery initiatives.
Benedikt Sobotka, CEO of Eurasian Resources Group and Co-Chair of the Global Battery Alliance, said: “With the global energy transition underway, there has never been a more relevant time for the industry to discuss the growing demand. for the metals of the future and the opportunities presented by resource-rich countries across Saudi Arabia and the wider Middle East, Africa and Asia. I am confident that the Forum, in this strategically important region, will provide a platform for further cooperation in these areas. “
In addition to welcoming delegates from around the world, leading multilateral organizations such as the World Bank, the International Council on Mines and Minerals and the World Gold Council are also participating in the Forum, which will conclude tomorrow with a day focused on the technologies and innovations that will shape the future of mining.
For updates, follow the event on social media @FutureMineral on Twitter and LinkedIn or visit www.futuremineralsforum.com.
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