Private sector helps support mining investments: Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan

The private sector plays a role in supporting mining investments, and any risks facing it must be removed, Saudi Minister of Finance Mohammed Al-Jadaan told the Future Minerals Forum (FMF) 2024. 
 

He added that the appropriate energy transition needs the mining sector, noting that speed is required for the mining investments that should be undertaken smartly and sustainably.   

 
To ensure that all countries benefit from the energy transition, a clear and strong legislative framework as well as multilateral institutions are needed to support incapable countries, Al-Jadaan said. He also highlighted the importance of establishing a system to mobilize the efforts of the private sector while ensuring the removal of ideology.
 

The minister indicated that a balance between the environment, growth, and reasonable prices is needed, while ensuring that the financial system can offer support to countries. He added that there is no contradiction between mining and energy transition, if it is undertaken responsibly and sustainably, while taking the environment into consideration. 

  
The debt rate would increase significantly in 2024, which might place low-income countries in a difficult situation, Al-Jadaan said, noting that there are talks with the World Bank, the International Monetary Fund, and the GCC countries to deal with the debt rates and help these countries restructure their situations in a more sustainable way to capitalize on the energy transition.
 

Further, the minister stressed the need for a combination of a strong and clear structure to attract investments to the mining sector in low-income countries. He also underlined the need for cooperation between governments, the mining sector, financing bodies, and international development institutions to implement the energy transition.