Saudi Future Minerals Forum Ends With $28.5bn Of Deals

The fourth annual Future Minerals Forum, held in Riyadh, saw the signing of 126 agreements and memoranda of understanding with a total value of SR107bn ($28.5bn).

These agreements aim to enhance exploration, mining, financing, research and development, innovation, sustainability, value-added supply chains, and minerals industries in Saudi Arabia.

Future Minerals Forum in Saudi Arabia

The signing ceremony was attended by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Industry and Mineral Resources Bandar Alkhorayef, Minister of Investment Eng. Khalid Al Falih, and several senior officials from both the government and private sectors.

Among the agreements signed was one between the Royal Commission for Jubail and Yanbu (RCJY) and steelmaker Tosyali Holding to cooperate in establishing an integrated flat steel production plant in Ras Al Khair Industrial City.

The project aims to support the value-added steel sector in the Kingdom and enhance export potential. The RCJY and Brazil miner Vale also signed an agreement to produce crude iron billets in Ras Al Khair, which will strengthen raw material supplies for both national and global industries.

The RCJY signed a memorandum of understanding (MoU) with Vedanta Limited to establish a copper smelter and refinery with a production capacity of 400,000 tons annually, alongside a copper rod plant with a capacity of 300,000 tons annually in Ras Al Khair.

The agreements also included an MoU between Mekyal Financial Company and Maritime Resources Corp. to establish a fund to support the exploration and exploitation of deep-sea minerals.

The National Industrialisation Company (Tasnee) concluded an MoU with Shanghai Donghexin New Material Group Co., Ltd. to develop advanced materials industries and enhance production efficiency and industrial technologies.

The forum has also saw 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 Saudi Arabia.

The partnership combines Aramco’s expertise in geological data and digital technologies with Maaden’s capabilities in exploration and development. Maaden also announced new discoveries, including potential expansions of the Mansourah-Massarah mine.

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 SR25bn ($6.7bn) to meet the needs of large-scale projects.

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).

The fourth edition of the forum, which began yesterday in Riyadh, attracted a record-breaking participation of over 18,000 participants from 170 countries, with 405 speakers in more than 70 sessions.

The forum aims to showcase the latest developments in the sector, discuss future challenges and opportunities, and focus on enhancing international cooperation and the sustainability of the mining sector to achieve economic and social development globally.