Riyadh, January 17, 2025 – The fourth edition of the Future Minerals Forum, held in Riyadh, marked a pivotal moment for Saudi Arabia’s mining and minerals sector, with a record 126 agreements and memoranda of understanding (MoUs) signed, collectively valued at an astounding SAR107 billion. These agreements aim to bolster exploration, mining, financing, research and development, innovation, sustainability, and value-added supply chains within the global minerals industry.
The signing ceremony, which was attended by some of Saudi Arabia's most influential leaders, including Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Investment Eng. Khalid Al-Falih, also saw the participation of senior officials from both the public and private sectors. The agreements reflect the Kingdom’s ambitious plans to become a global leader in the mining and minerals industry, tapping into the sector’s vast potential for economic growth.
Among the most significant agreements signed was a partnership between the Royal Commission for Jubail and Yanbu (RCJY) and Tosyali Holding, a leading steelmaker, to establish an integrated flat steel production plant in Ras Al-Khair Industrial City. This project is expected to provide significant support to Saudi Arabia’s value-added steel sector, enhancing the Kingdom’s export capabilities. Furthermore, the RCJY and Brazilian mining giant Vale sealed an agreement to produce crude iron billets in Ras Al-Khair, a move designed to strengthen raw material supplies for both local and global industries.
The RCJY also signed an MoU with Vedanta Limited, a multinational mining company, to build a copper smelter and refinery in Ras Al-Khair, capable of producing 400,000 tons of copper annually. This facility will be accompanied by a copper rod plant with an annual capacity of 300,000 tons, marking a major step toward expanding the Kingdom’s mining infrastructure.
In another notable deal, Mekyal Financial Company joined forces with Maritime Resources Corp. to establish a fund aimed at supporting the exploration and exploitation of deep-sea minerals, a rapidly growing sector with the potential to revolutionize global supply chains. Additionally, the National Industrialization Company (Tasnee) signed an MoU with Shanghai Donghexin New Material Group Co., Ltd. to advance the development of high-tech materials industries, improving production efficiency and industrial technologies.
The forum also featured the announcement of four groundbreaking strategic projects, including a new joint venture between Saudi Aramco and Maaden, the Kingdom's mining champion, to explore critical minerals essential for the energy transition. The partnership will leverage Aramco’s expertise in geological data and digital technologies, combined with Maaden’s established capabilities in exploration and development, to drive progress in the critical minerals sector. Maaden also unveiled new discoveries, including potential expansions at the Mansourah-Massarah mine.
In the steel sector, Saudi Iron and Steel Company (Hadeed) announced its full acquisition of Al Rajhi Steel Industries Company, committing SAR25 billion toward large-scale projects to meet growing demands. This acquisition highlights Hadeed’s strategic focus on strengthening its production capacity for future industrial needs. In another major development, China Baowu Steel Group Corp. (Baosteel), one of the largest steelmakers in the world, announced plans to build its first integrated steel plant outside China, in collaboration with Aramco and the Public Investment Fund (PIF).
The fourth edition of the Future Minerals Forum has become a global platform for the mining sector, attracting over 18,000 participants from 170 countries. With 405 speakers and more than 70 sessions, the event provided an invaluable opportunity to explore the latest industry developments, address future challenges, and enhance international cooperation. The forum also emphasized the importance of sustainability within the mining industry, ensuring that economic growth is coupled with responsible resource management to drive social and environmental development on a global scale.
As Saudi Arabia continues to position itself as a leader in the mining sector, the agreements signed and projects announced at this year’s Future Minerals Forum underscore the Kingdom’s commitment to transforming its minerals sector and contributing to the global economy's sustainable future.
