Miami, February 28, 2024, Eng. Khalid bin Saleh Al-Mudaifer, the Vice Minister of Mining Affairs at the Ministry of Industry and Mineral Resources, emphasized the Kingdom of Saudi Arabia's ascent as a significant global hub for mineral production and manufacturing, aligning with the ambitious goals outlined in Vision 2030 to diversify the nation's economic landscape.
Speaking at a session during the Global Metals, Mining, and Critical Minerals Conference in Miami, the vice minister highlighted the Kingdom's proactive measures to cultivate the mining sector. This includes the enactment of the Mining Investment Law, streamlining licensing procedures, mitigating environmental impacts, and prioritizing community welfare, alongside the launch of a comprehensive geological survey program to furnish vital geological data.
Moreover, Al-Mudaifer underscored efforts to attract prominent international investments by offering compelling incentives and fostering a conducive environment for institutional investors to engage in mineral exploration and production.
The establishment of the Manara Minerals Investment Company (Manara), a joint venture between the Saudi Arabian Mining Company (Ma'aden) and the Public Investment Fund (PIF), exemplifies the Kingdom's commitment to investing in global mineral assets to fortify industrial transformation and ensure supply chain resilience.
Al-Mudaifer emphasized the pivotal role of technological advancements in propelling the mining sector forward, citing the recent collaboration between Ma'aden and Ivanhoe Electric Inc. (IE) utilizing IE's Typhoon inversion geology survey technology to expedite exploration efforts across Saudi lands, thus aligning with Vision 2030 objectives.
Highlighting the Kingdom's abundant mineral resources valued at $2.5 trillion, Al-Mudaifer positioned Saudi Arabia as an optimal nucleus for fostering robust mineral value chains in the broader region. Factors such as its strategic geographic location linking three continents, robust infrastructure including dedicated industrial cities, top-tier global road connectivity, stable governance, and notable advancements in the World Bank's "Ease of Doing Business" ranking further solidify its appeal as a premier investment destination in the mineral sector.
