RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef expressed Riyadh's aspirations to be the "Silicon Valley" of mining. To achieve this vision, he announced the launch of the Mining Innovation Studio initiative to attract global skills and talents and to accelerate modern technologies. Alkhorayef announced this in his opening speech at the fourth edition of the Future Minerals Forum in Riyadh. On behalf of Custodian of the Two Holy Mosques King Salman, Alkhorayef inaugurated the forum, which sees the participation of more than 20,000 delegates from 170 countries, and 250 speakers in more than 70 sessions. The minister said the forum has become the most prominent platform in the world for the minerals sector, and contributes significantly to shaping the future of the sector and achieving its sustainable growth. Alkhorayef said that the mineral sector has become the fastest growing in the world with a mineral potential estimated at $2.5 trillion. "Our focus on regulatory frameworks, innovation, infrastructure and development has helped the Kingdom to be among the top countries in the world as an investment destination for minerals in terms of exploration and investment," he said. The minister said that Saudi Arabia is working this year to promote and market upcoming exploration and drilling opportunities across 5,000 square kilometers of promising mineral areas. Alkhorayef stressed that the Kingdom has the most ambitious programs in the mining sector this year, with many new and creative forms of knowledge exchange and innovation that serve as a collaborative space through which progress is exchanged in the fields of technology, geology, sustainability and talent development. Alkhorayef also launched on Wednesday the first-of-its-kind leadership roundtable focusing on Africa, Central Asia and Latin America to bring together supply countries to create a strong mining impact, in addition to the great debate of mining sector leaders, which aims to address important issues such as resource depletion, sustainability and stakeholder engagement. He explained that the Future Minerals Forum 2025 will also witness thought-provoking sessions, and that the conference promises to be a catalyst for finding practical procedural solutions and transformative change in the mineral sector. The minister discussed the significant progress made by the Kingdom in mining initiatives, where a draft of the International Framework for Critical Minerals was drafted to support international industrial development and ensure the supply of minerals essential for energy transitions. In addition, significant progress has been made in responsible sourcing and responsible sourcing priorities, with a focus on transparency, accreditations, certification and communication to achieve and realize economic and social value. The first 9 centers of excellence were also announced to establish a network across Africa, Central and East Asia to build capacity and train the next generation of sector leaders. Minister Alkhorayef also spoke about securing supply chains for critical minerals from Africa, considering that the energy transition will not happen without Africa due to the continent's resources. He pointed out in this regard that there is a "very large" gap between the continent's mineral resources and their contributions to the market, and that mineral-consuming countries must address this. Attending a dialogue session titled "What practical steps can the world take to manage competition for critical minerals," Alkhorayef said that mining investment should not be limited to extraction but should include infrastructure, especially since many of the assets available in Africa are lagging behind due to poor infrastructure there. He noted that Saudi Arabia, which has exploited oil revenues appropriately for decades, is now focusing on investing in citizens and society and in achieving economic diversification and nation-building. He also referred to the Northern Borders Region, which is rich in phosphate, where the entire region has been developed based on investments pumped by Ma'aden in the local community.
