Saudi Vice Minister for Mining Affairs Shares Sector’s Progress at 5th Future Minerals Forum
Speaking on the opening day of the Future Minerals Forum, His Excellency Eng. Khalid bin Saleh Al‑Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, said Saudi Arabia’s mining sector has undergone a “profound and unprecedented transformation,” moving from the margins of global competitiveness to one of the world’s leading destinations for mining capital.
Al-Mudaifer cited the Fraser Institute’s 2024 Annual Survey of Mining Companies, noting that the Kingdom has advanced from 104th globally in 2013 as a mining destination with limited investment appeal to 23rd worldwide today. This shift reflects Saudi Arabia’s emergence as a leading mining investment destination and firmly positions mining as the third pillar of national industry, in line with Vision 2030.
The Vice Minister made the remarks during a panel discussion titled “The great catch up: Global mineral supply resilience and new market creation” held as part of the FMF 2026 program and attended by senior leaders from the global mining and finance industries.
Addressing the changing global landscape, Al‑Mudaifer said that sustaining economic growth now requires far more than traditional base metals such as aluminum, copper, and iron. Modern economies, he explained, depend increasingly on specialized and critical minerals, including rare earth elements, tin, tungsten, tantalum, and gallium. While these may account for a smaller share of revenue than bulk commodities, they are indispensable inputs for electric motors, drones, computers, and digital technologies.
The Vice Minister stressed that high price volatility and relatively small market size make investment in these minerals inherently risky, reinforcing the need for targeted government intervention. He noted that such intervention should not be limited to providing essential infrastructure, such as energy and water, but should also include innovative tools, including the National Minerals Program adopted by the Kingdom, to mitigate risks, secure financing, and ensure continuity of supply.
Al‑Mudaifer disclosed that Saudi Arabia’s exploration spending has increased fivefold over the past five years. Expenditure has risen from less than USD 28 (SAR 105) per square kilometer in 2020 to approximately USD 144 (SAR 539) per square kilometer in 2024, exceeding targets originally set for 2025.
He emphasized that the mining strategy launched in 2018 is not limited to extraction, noting that it is designed to build a fully integrated mining ecosystem, including developing young Saudi talent, strengthening institutional capacity, and ongoing efforts to establish a commodities exchange to support trading in emerging minerals.
Al‑Mudaifer called for deeper international partnerships, stating that just as Saudi Arabia built its oil and petrochemicals sectors through collaboration with global partners, it is now applying the same partnership‑driven model to mining. The Kingdom, he said, is positioning itself as a global hub for mining innovation, advanced technologies, and venture capital, and intends to play a central role in shaping the future of the global minerals industry.
About the Future Minerals Forum
The Future Minerals Forum (FMF), launched in 2022, is the world's premier platform for the minerals industry. FMF stands at the forefront of global industry connections, bringing together governments, international organizations, and stakeholders to collectively shape the future of the minerals industry. With 18,000 participants from 165 countries, including 89 government representatives, FMF serves as a catalyst for global collaboration.
The Forum is renowned for its unique and audacious approach, confronting industry challenges head-on through genuine dialogue to promote a responsible and resilient mineral supply chain, enable development, advance global electrification goals, enhance global security, and accelerate the digital revolution.
Through the Ministerial Roundtable, conference, and exhibition, and specialized Mineral Technology and Exploration zones, the global conversation on minerals takes center stage, driving innovation and collaboration toward a sustainable future.