Riyadh, January 16, 2025 – The fourth Future Minerals Forum (FMF), held in Riyadh under the esteemed patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, marked a historic milestone for Saudi Arabia’s mining sector. The forum witnessed the announcement of four strategic initiatives that promise to significantly enhance the Kingdom’s position as a global leader in the mining and minerals industry. These developments align closely with the objectives of Saudi Vision 2030, which seeks to diversify the national economy and solidify the Kingdom’s standing as a global hub for mining, critical minerals, and sustainable industrial growth.
Among the most notable announcements was the joint venture formed between two of the Kingdom’s largest and most influential entities—Saudi Aramco and the Saudi Arabian Mining Company (Ma’aden). The collaboration, aimed at exploring critical minerals essential for the global energy transition, combines the strengths of both companies. Saudi Aramco will provide its wealth of geological and geophysical data, along with its advanced digital technologies, while Ma’aden brings its extensive expertise in exploration, development, and mining operations to the table. This strategic partnership is designed to expedite the exploitation of mineral resources within the Kingdom, ensuring a robust contribution to global supply chains for critical minerals needed in the ongoing energy transition process.
In addition to the joint venture with Aramco, Ma'aden made significant strides in its exploration efforts, announcing new discoveries that further underscore the immense potential of Saudi Arabia’s mining sector. Among these was the confirmation of high-grade gold at a depth of 220 meters at the Mansourah and Massarah mines, presenting the potential for an underground mining operation. This breakthrough discovery not only promises to enhance the Kingdom’s mining capabilities but also signals the opportunity for future investments in the region. Furthermore, Ma’aden revealed two new mining discoveries in the Wadi Al Jaww and Shayban deposits, further solidifying Saudi Arabia’s reputation as a prime location for mining exploration and investment.
As part of its broader strategy to strengthen the Kingdom’s steel industry, the Public Investment Fund (PIF) subsidiary, Hadeed, announced its acquisition of Al Rajhi Steel, signaling a major step in consolidating the Kingdom’s position in the steel manufacturing sector. In addition to the acquisition, Hadeed launched an ambitious SAR 25 billion investment plan designed to expand production capacity and meet the growing demands of major infrastructure and development projects in Saudi Arabia. The company also plans to produce 10 million tons of steel annually to fulfill domestic needs, positioning itself as a key player in the Kingdom’s future industrial development.
The forum also saw the announcement of a groundbreaking project by the Chinese steel giant Baosteel, which revealed plans to build its first integrated steel plant outside of China, in collaboration with Saudi Aramco and the PIF. The plant, set to produce 1.5 million tons of steel plates annually, will be the first of its kind in the region, marking a significant milestone in the strengthening of economic ties between Saudi Arabia and China. The project highlights the growing strategic partnership between the two nations and further underscores Saudi Arabia’s role as a hub for international industrial collaboration.
In a statement reflecting on these developments, Eng. Khalid bin Saleh Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, expressed confidence that these strategic steps were crucial in achieving the ambitious goals set by Saudi Vision 2030. “We have launched innovative projects in the exploration of critical minerals necessary for the energy transition and expanded our exploration efforts to include new areas with promising potential,” said Eng. Al-Mudaifer. He emphasized that these initiatives are not only aimed at strengthening the Kingdom’s mining sector but also at fostering substantial investments that will bolster local value chains, localize mineral industries, and build partnerships with global players. These steps, he noted, contribute to the Kingdom’s economic growth and support the global transition toward sustainability and inclusive development.
The 2025 Future Minerals Forum, which began on Wednesday, has already made a significant impact with its record-breaking attendance of over 20,000 participants from 170 countries. With more than 250 speakers across 70 sessions, the forum is serving as an important platform for discussions on the latest developments in the mining sector, as well as the challenges and opportunities that lie ahead. The event places a strong emphasis on enhancing international cooperation and ensuring the sustainability of the mining industry, with the ultimate goal of driving global economic and social progress.
As Saudi Arabia continues to build on its strategic initiatives and investments in the mining and minerals sector, the Kingdom is poised to play a leading role in shaping the future of the global energy transition and the sustainable development of natural resources. The announcements made at this year’s Future Minerals Forum are a testament to the Kingdom’s commitment to realizing its Vision 2030 objectives and positioning itself as a key player in the global mining landscape.
