Results of 9th mining licensing round, new bid submissions during FMF: Al-Mudaifer

Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, says the FMF is a global platform that draws the international mining sector to Riyadh

Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, said that the Future Minerals Forum (FMF), scheduled to be held from Jan. 13-15, will serve as a key platform for showcasing investment opportunities in the Kingdom’s mining sector.

“This will be in addition to announcing new licensing tenders, revealing the results of the ninth licensing round, awarding licenses and opening bid submissions for the 10th and 11th rounds,” he added.

Saudi companies will benefit from the conference by showcasing their future strategies, including Saudi Arabian Mining Co. (Maaden) and Al Masane Al Kobra Mining Co. (AMAK), as well as a number of companies that enter the Saudi market each year.

FMF provides the companies with opportunities to attract partners from service providers, suppliers, or investors, he told Argaam on the sidelines of the press conference announcing details of the fifth edition of the FMF.

Al-Mudaifer emphasized that FMF is a global platform that brings the international mining sector to Riyadh, aiming to boost global mineral supplies amid rising demand for critical and strategic minerals.

He noted that fulfilling such demand requires expanding supply and initiating production in countries that were not previously producers of these minerals, in addition to providing them at lower prices and costs than currently available, which necessitates infrastructure availability.

Furthermore, the FMF will host a ministerial meeting with more than 180 participants, representing around 100 countries, including many UN member states — a significant number encompassing some of the world’s largest and most important economies, including 17 G20 countries, he added.

About 70% of the participants in the event will be leaders and ministers, in addition to 59 international organizations with significant influence and a key role in infrastructure provision, sustainability, standardization, and securing project financing.

The forum will also bring together the heads of global trade and industry bodies, such as the International Copper Association, the World Gold Council, and the International Fertilizer Association, under one roof to discuss how to influence the global mining sector, he said.

Al-Mudaifer also pointed to the launch of the first forum led by the Bank of Montreal, one of the largest financiers of the mining sector, where investors and global and local mining companies — whether listed on stock markets or seeking to go public — will present their perspectives, needs, and future performance, enabling investors and investment funds to evaluate opportunities and make informed investment decisions.

This initiative is new to the Kingdom and had previously been limited to select locations such as Florida. It has now been brought to Saudi Arabia to serve Saudi and international investors and to facilitate access to financing from the global business sector, he added.

Regarding the technology sector, Al-Mudaifer highlighted that it represents a key area for investment. A dedicated meeting will bring together innovators and investors to showcase investment opportunities and required funding amounts, with sector investors and venture capital funds attending to review proposals and select suitable opportunities.

Al-Mudaifer added that the Kingdom signed an investment agreement for critical minerals with the US during the Crown Prince Mohammed bin Salman’s visit to Washington. Maaden and MP Materials have announced an investment project in the critical minerals value chain at Jabal Sayid, one of the Kingdom's mining discoveries near Madinah.

The project is one of the standout large-scale initiatives developed by the Kingdom’s mining, energy and industry sectors, along with the Saudi Geological Survey, over an extended period. It is now under implementation to supply the world with additional rare earth elements used in several vital industries, most notably electric generators for electric vehicles, wind turbines for power generation, and a wide range of other industries, the minister said.