Riyadh - Sharikat Mubasher: The third ministerial roundtable at the Future Minerals Forum (FMF) 2024 concluded on 9 January with groundbreaking announcements to transform the global minerals and metals industry, according to a recent press release.

Around 79 governments and 35 senior officials from multilateral organizations, mining industry representatives, and non-governmental organizations (NGOs) participated in the roundtable.

The roundtable, headed by Minister of Industry and Mineral Resources Bandar Alkhorayef, aimed to create resilient and responsible minerals and metals value chains, with a specific focus on the Super Region which possesses significant endowments of mineral resources required for the global energy transition.

The participants emphasized the importance of securing necessary investments to develop mineral exploration, exploration, extraction, and beneficiation in the region.

They further affirmed that the Super Region does not have sufficient capacity to meet the forecasted demand for minerals which accordingly will require developing innovative methods to explore and extract strategic and rare minerals.

During the roundtable, Alkhorayef showcased the Kingdom’s strategy to create a network of centers of excellence in the Super Region, including the launch of the Mineral Innovation and Acceleration Park (MIAP).

The MIAP will serve as a global hub for developing and sharing innovations in mineral exploration, extraction, and beneficiation. Additionally, it will play a leading role in the energy transition and the responsible development of mineral and metal products, furthering the objectives of the Paris Agreement.

 It is worth noting that Saudi Arabia signed four memoranda of understanding (MoU) in the mining sector with four countries during the Ministerial Roundtable.