Minister of Industry and Mineral Resources Bandar Alkhorayef underscored the importance of expanding global cooperation between governments, the private sector, and international organizations to develop critical minerals supply chains. He said such cooperation is key to addressing challenges related to financing, processing, and technology, and to supporting the global transformation in the energy and technology sectors.
His remarks came during a panel discussion titled “Unlocking Investment in Critical Mineral Supply Chains” at the Critical Minerals Forum, organized by the Organisation for Economic Co-operation and Development (OECD) in Istanbul. The event brought together mining-sector decision-makers and a select group of investors from around the world.
Alkhorayef said multiple challenges are facing critical minerals supply chains that cannot be resolved through isolated efforts. He stressed that international cooperation is essential to unlock investment and ensure sustainability in the mining sector. He added that joint efforts play a significant role in tackling issues related to financing, processing, and environmental and social aspects of the mining lifecycle.
Saudi Arabia views mining as a fundamental pillar for diversifying the national economy and enhancing its global competitiveness, the minister emphasized.
The Kingdom, he added, holds important competitive advantages, including its strategic geographic location and access to energy resources. This positions it as an active partner in global critical minerals supply chains.
Over recent years, the Kingdom has worked on developing its investment environment in the mining sector, Alkhorayef said. He highlighted the launch of a Mining Investment Law, which is globally competitive for balancing investor interests with optimal utilization of mineral resources.
He added that the Kingdom is committed to accelerating mining licensing procedures, targeting a reduction in processing time to around 90 days. This enhances the sector’s attractiveness to high-quality investments.
The minister further emphasized the importance of adopting innovation and advanced technologies in mining. He noted the need to leverage global technological developments to enhance operational efficiency.
The Critical Minerals Forum is among the leading international platforms dedicated to the sector, convening government and industry leaders as well as international organizations.
The event discusses challenges and opportunities in critical minerals supply chains and promotes investments that support global economic growth and the transition to clean energy.
Source: Riyadh Daily