Vision 2030 mining reforms unprecedented as supercycle begins, says minister

RIYADH: Saudi Arabia’s Vision 2030 is reforming and enhancing the Kingdom’s mining ecosystem in an unprecedented manner, according to Khalid Saleh Al-Mudaifer, vice minister of industry and mineral resources. 

Al-Mudaifer made this remark during his speech at the FT Commodities Global Summit on March 23, in Lausanne, Switzerland. 

Talking about the necessity of decarbonization, the vice minister said: “What we need to work on in the mining sector is the perception of mining.”

He stressed the need to clarify the concept of decarbonization. “People need to remember there are no minerals without mining,” he added.

During his speech, the vice minister also noted that there could be a 40-fold increase in the demand for critical minerals in the future. 

“Some argue a new commodity supercycle has begun as prices rise based on increasing demand, declining productivity and growing ESG issues. There are estimates that point to a 40-fold increase in demand for critical minerals,” said Al-Mudaifer. 

Reiterating his words at the 2022 Future Mineral Forum, Al-Mudaifer said, “During the #FMF2022 hosted in Riyadh, we began an intergovernmental dialogue to define this new mining region, explore investment opportunities and reimagine the role of mining in the global economy.”