Saudi Arabia Explores Investment Opportunities in Lithium, Copper, and Iron
In a strategic move to boost the country’s mining sector, the Minister of Industry and Mineral Resources of Saudi Arabia, Bandar Alkhorayef, embarked on a tour of South America, focusing on investment opportunities in lithium, copper, and iron. During his visit to Chile, Alkhorayef met with key mining firms to discuss collaborations and partnerships.
Focus on Innovation and Advanced Technologies
The tour, which started on July 22, aimed to foster knowledge transfer, innovation, and the adoption of advanced technologies in the Saudi mining industry. Alkhorayef engaged with industry stakeholders in Chile and Brazil, emphasizing the importance of international partnerships and foreign investments in line with Saudi Vision 2030.
Exploring Investment Prospects in Chile
In Chile, Alkhorayef explored investment prospects in lithium and copper with industry leaders, including Ruben Alvarado, CEO of Codelco, a prominent player in copper exploration and production. Discussions also revolved around collaboration opportunities with major Chilean mineral companies like Antofagasta PLC, SQM, and Quiñenco.
Future Minerals Forum and Technological Advancements
The minister invited Chilean industry leaders to participate in the Future Minerals Forum in Riyadh next year, underscoring the importance of modern technologies in enhancing exploration operations. Topics discussed included environmental standards, remote mine management practices, and the use of artificial intelligence in mineral exploration.
Investment Incentives and Programs
Saudi Arabia aims to position itself as a global hub in the mining sector by attracting foreign investments and promoting local expertise. Recent measures, such as amending the mining investment bylaw and launching incentives like tax exemptions and direct foreign ownership, have been implemented to improve the investment environment.
Advancements in Mineral Exploration Programs
The Kingdom has made significant progress in mineral exploration programs, with projects valued at approximately SR1 billion. The Exploration Empowerment Program, along with constantly updated geological data, aims to mitigate investment risks and provide transparency for investors.
Strategic Investments in Mineral Industries
The establishment of the National Minerals Program, coupled with plans to invest SR120 billion in basic and strategic mineral industries, showcases Saudi Arabia’s commitment to enhancing the quality and efficiency of mineral supply chains. These efforts aim to maximize the economic value of mineral resources and elevate the country’s status in the global market.