Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed that the Kingdom of Saudi Arabia's mining strategy is fundamentally based on localizing processing and manufacturing operations, noting that this approach is not merely a strategic option, but rather stems from a unique competitive advantage enjoyed by the Kingdom, namely the integration of abundant mineral resources, energy supplies, and a strategic geographical location.
According to Saudi Press Agency, speaking at a press conference held in Riyadh following the conclusion of the international ministerial meeting, organized as part of the fifth edition of the Future Minerals Forum, Alkhorayef stated that the name of the Ministry of Industry and Mineral Resources clearly reflects the Kingdom's direction toward linking mining with industry. He also revealed the establishment of a specialized platform to balance supply and demand and identify local needs, pointing out that the Kingdom will work to export surpluses of certain minerals while addressing shortages in others.
Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer highlighted the strategic importance of rare earth elements, stressing that they have become a cornerstone of the modern economy due to their use in robotics, electric vehicles, and magnet industries.
On support for development in Africa, he said that the Kingdom is working with international partners to establish logistical corridors and comprehensive infrastructure for energy, water, and transportation, enabling African countries to harness their mineral wealth and stimulate exploration activities.