Minerals Program identifies local needs, supports foreign investment: Almudaifer

Khalid Almudaifer, Vice Minister of Industry and Mineral Resources

The National Minerals Program seeks to enhance the continuity of supply chains amid the execution of major projects and to identify local mineral needs, Al Eqtisadiah newspaper reported, citing Khalid Almudaifer, Vice Minister of Industry and Mineral Resources.

He added that the program provides the necessary technical, financial, and diplomatic support to the private sector to invest abroad and secure raw materials for local industries.

Furthermore, the program will analyze global supply and demand indicators as well as develop strategic plans to secure these needs, Almudaifer said.

He added that minerals are used in several diverse industries and major projects, where it is essential to stabilize supply chains and ensure their continuity.

The Kingdom seeks to secure mineral supply chains, as the Public Investment Fund established Manara Minerals Investment Co. as a joint venture with Saudi Arabian Mining Co. (Maaden), to invest abroad and meet local needs.

Almudaifer added that the program will coordinate efforts and roles of each participating entity, while the ministry will set regulations and laws, as well as work on agreements between Saudi Arabia and other countries in this regard.

According to data available on Argaam, the Cabinet recently approved the establishment of the National Minerals Program, to be linked to the Ministry of Industry and Mineral Resources.