Riyadh – Sharikat Mubasher: The fourth annual Future Minerals Forum, held in Riyadh, concluded with the signing of 126 agreements and memoranda of understanding worth a staggering SAR 107 billion.
These deals aim to accelerate exploration, mining, financing, research, innovation, sustainability, and value-added supply chains in the Kingdom’s rapidly growing minerals sector.
The event was attended by high-ranking officials, including Prince Abdulaziz bin Salman, Minister of Energy, Bandar Alkhorayef, Minister of Industry and Mineral Resources, and Khalid Al-Falih, Minister of Investment, alongside senior government and private sector leaders.
Among the notable agreements was a partnership between the Royal Commission for Jubail and Yanbu (RCJY) and steelmaker Tosyali Holding to establish an integrated flat steel production plant in Ras Al-Khair Industrial City. This project will enhance the Kingdom’s value-added steel production and bolster its export capacity.
The RCJY also inked a deal with Brazil’s Vale to produce crude iron billets in Ras Al-Khair, strengthening raw material supplies for local and global industries. Additionally, a memorandum of understanding (MoU) was signed with Vedanta Limited to build a copper smelter and refinery with a 400,000-ton annual capacity, alongside a copper rod plant capable of producing 300,000 tons annually.
Other significant agreements included an MoU between Mekyal Financial Company and Maritime Resources Corp. to establish a fund supporting deep-sea mineral exploration and extraction.
The forum highlighted four strategic projects, including a groundbreaking collaboration between Aramco and Ma’aden to explore critical minerals vital for the energy transition. This partnership will leverage Aramco’s expertise in geological data and digital technologies alongside Ma'aden’s capabilities in mineral exploration and development.
Ma’aden also announced potential expansions of its Mansourah-Massarah mine following new mineral discoveries. Meanwhile, in the steel sector, Saudi Iron and Steel Company (Hadeed) revealed its full acquisition of Al Rajhi Steel Industries Company and an ambitious SAR 25 billion investment plan to meet the Kingdom's infrastructure needs.
In a significant development, China’s Baowu Steel Group Corp., Ltd. (Baosteel) unveiled plans to construct its first integrated steel plant outside China, partnering with Aramco and the Public Investment Fund (PIF).
The 2025 edition of the Future Minerals Forum, held on January 14 in Riyadh, attracted over 18,000 participants from 170 countries. The event featured 405 speakers across more than 70 sessions, showcasing the latest advancements, addressing challenges, and exploring opportunities in the mining industry.
By fostering international cooperation and emphasizing sustainability, the forum reinforced Saudi Arabia’s commitment to transforming its mining sector into a global powerhouse while driving economic and social development worldwide.
