Bandar Alkhorayef, Minister of Industry and Mineral Resources
Saudi Arabia is looking to expand cooperation and joint investment with Russia in the rare earths and critical minerals sector, said Bandar Alkhorayef, Minister of Industry and Mineral Resources. 
He added that this aims to support the two countries’ shared interests and help build more resilient and sustainable global supply chains.
Alkhorayef made the remarks during his participation in the St. Petersburg International Economic Forum in Russia, the Saudi Press Agency reported.
He said the Kingdom aims to play a pivotal role in the mining and minerals sector, similar to its historic role in supporting the stability of global energy supplies, through international partnerships and the development of an integrated ecosystem that supports industry growth and enhances global minerals supply security.
Saudi Arabia launched the Future Minerals Forum as a global platform bringing together governments, mining companies, financial institutions, and academic and technology organizations to strengthen international cooperation and develop partnerships needed to address challenges facing the sector.
He added that the forum has established itself as one of the world’s leading specialized mining platforms, with its latest edition attracting participants from 100 countries, alongside major mining companies, financial institutions, and academic and technology organizations.
Mining is one of the key pillars of Saudi Vision 2030 and economic diversification efforts, Alkhorayef said. He noted that intensified geological surveying and exploration activities in recent years have helped raise estimates of the Kingdom’s mineral wealth to about $2.5 trillion, up roughly 90% from estimates announced in 2018.
He added that Saudi Arabia views mining as the third pillar of its national industrial base because of its potential to develop downstream industries, expand value chains, and support non-oil economic growth.
Non-oil exports reached about SAR 620 billion last year, with mining products, fertilizers, and aluminum accounting for a significant share, the minister said.
Bandar Alkhorayef, Minister of Industry and Mineral Resources
Saudi Arabia is looking to expand cooperation and joint investment with Russia in the rare earths and critical minerals sector, said Bandar Alkhorayef, Minister of Industry and Mineral Resources.
He added that this aims to support the two countries’ shared interests and help build more resilient and sustainable global supply chains.
Alkhorayef made the remarks during his participation in the St. Petersburg International Economic Forum in Russia, the Saudi Press Agency reported.
He said the Kingdom aims to play a pivotal role in the mining and minerals sector, similar to its historic role in supporting the stability of global energy supplies, through international partnerships and the development of an integrated ecosystem that supports industry growth and enhances global minerals supply security.
Saudi Arabia launched the Future Minerals Forum as a global platform bringing together governments, mining companies, financial institutions, and academic and technology organizations to strengthen international cooperation and develop partnerships needed to address challenges facing the sector.
He added that the forum has established itself as one of the world’s leading specialized mining platforms, with its latest edition attracting participants from 100 countries, alongside major mining companies, financial institutions, and academic and technology organizations.
Mining is one of the key pillars of Saudi Vision 2030 and economic diversification efforts, Alkhorayef said. He noted that intensified geological surveying and exploration activities in recent years have helped raise estimates of the Kingdom’s mineral wealth to about $2.5 trillion, up roughly 90% from estimates announced in 2018.
He added that Saudi Arabia views mining as the third pillar of its national industrial base because of its potential to develop downstream industries, expand value chains, and support non-oil economic growth.
Non-oil exports reached about SAR 620 billion last year, with mining products, fertilizers, and aluminum accounting for a significant share, the minister said.
