The fourth Future Minerals Forum, hosting government representatives from 90 countries, including 16 G20 nations, ran from January 14 to January 16 at the King Abdulaziz International Conference Center in Riyadh.
The fourth edition of the Future Minerals Forum attracted over 18,000 participants from 170 countries, with 405 speakers in more than 70 sessions. Now a major event in the global minerals sector, the Forum showcased the latest developments in the sector, future challenges and opportunities, and how Saudi Arabia might enhance international cooperation and the sustainability of the mining sector.
In the leadup to the event the Saudi Industry and Mineral Resources Ministry estimated the Kingdom’s mineral wealth at over $1.3 trillion, including deposits of copper, zinc, phosphates, uranium and gold.
At the Forum opening Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, said the world is witnessing surging demand for minerals due to the increasing demand for renewable energy resources and Artificial Intelligence and that countries worldwide need to invest $6 trillion over the next decade to meet this demand.
Also prominent during the conference was Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Investment Eng. Khalid Al-Falih and Minister of Finance Mohammed Aljadaan.
Conference organizers announced that the Forum included the signing of 126 agreements and memoranda of understanding with a total value of $28.5 billion covering exploration, mining, financing, research and development, innovation, sustainability, value-added supply chains, and minerals industries.
The Forum also included the announcement of four strategic projects, including the launch of a joint project between Aramco and Maaden to explore critical minerals needed for the energy transition. In the steel sector, Saudi Iron and Steel Company (Hadeed) announced its full acquisition of Al Rajhi Steel Industries Company, with an investment plan of $6.7 billion to meet the needs of large-scale projects. And, China Baowu Steel Group Corp., Ltd. (Baosteel) announced plans to build its first integrated steel plant outside of China, in collaboration with Aramco and the Public Investment Fund (PIF).
Another major deal signed was between the National Industrial Co. and China’s DHX Group to establish the first integrated tinplate production factory in Ras Al-Khair, eastern Saudi Arabia. The facility will have an annual production capacity of up to 400,000 tons, addressing local demand while enabling exports abroad.
Mekyal Financial Tech, Marine Mining Co., and Atlantis Blu Mining GmbH signed a deal to create a $1.44 billion fund. The fund will support deep-sea mineral exploration projects, reflecting a push toward harnessing untapped marine resources to meet the growing global demand for critical minerals.
Also highlighted was a recent breakthrough by scientists at King Abdullah University of Science and Technology (KAUST) that enables the direct extraction of lithium from oilfield brine and seawater – a game-changer for an industry reliant on costly and resource-intensive mining.
Maaden also announced new discoveries, including potential expansions of the Mansourah-Massarah mine.
