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RIYADH: As the world faces a scarcity of critical mining provide, Saudi Arabia has a significant role to play as its mining sector is built-in with industry, logistics and varied different sectors, including power transition, according to a prime Saudi minister.
While talking at the Future Minerals Forum in Riyadh on Jan.11, the Kingdom’s Minister of Investment Khalid Al-Falih famous that a shortage of supply is likely considered one of the key challenges confronted in the mining sector.
“We are living in a world the place there might be an expected rise in demand for crucial metals that might be key to the electrification of the global financial system, and there’s additionally a important shortage of provide,” he mentioned.
Al-Falih added that Saudi Arabia could help discover a answer persisting in the vitality sector, because the Kingdom has all the required enablers, which incorporates essentially the most progressive legal guidelines to elevate the operations within the mining trade.
He stated Saudi Arabia is the “world’s safety valve” for power, whether or not it’s conventional, unconventional, or renewable energies, wind, solar, hydrogen or ammonia, or another rising technologies utilized within the mining business.
The minister noted that the Kingdom has introduced collectively the entire essential enablers within the mining sector. “We have the energy answer, we now have the placement, we gave the financing, and we have the best-in-class laws internationally,” mentioned Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is placing a robust emphasis on environmental, social, and company governance principles, because the Kingdom has the best ESG scores, with low carbon depth in fossil fuels and the rising utilization of renewables together with hydrogen to scale back emissions whereas processing metals.
He additional pointed out that Saudi Arabia is facilitating all needed enterprise environments for private sector corporations to return and put cash into the Kingdom.
“Saudi Arabia is offering the ecosystem and regulatory enablers, along with some financing via the development fund for private sectors. We really are unleashing the power of the non-public sector,” said Al-Falih.
Pointing out that Saudi Arabia at present is ranked primary in terms of the global street connectivity index, he said the Kingdom’s sturdy transport connectivity will help it emerge as a mining hub. “ เกจ์ลมsumo have 5,500 kilometers of rail, and we now have eight,000 kilometers that are being tendered out at present,” the minister stated.
For his part, Jeremy Weir, executive chairman and CEO of Transfigure Group, stated that the continued conflict in Ukraine has exposed the vulnerabilities countries are going through within the provide chain of the mining sector.
“War in Ukraine made international locations understand that they want to not rely on one supplier, however ought to depend on a number of suppliers from multiple regions,” mentioned Weir.
Saudi Arabia is the world’s energy ‘safety valve’: Minister tells Future Minerals Forum
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