The international ministerial meeting hosted by the U.S. State Department in Washington emphasized the critical importance of strengthening international cooperation to ensure the resilience and stability of vital mineral . The Kingdom of Saudi Arabia was represented at this important forum by His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, reflecting the pivotal role the Kingdom seeks to play in the global mining sector.
The meeting, attended by high-ranking U.S. government officials and foreign and mining ministers from around the world, addressed the growing global challenges in securing supplies of critical minerals and rare earth elements. These discussions come at a critical juncture as the world undergoes a rapid shift toward clean energy and advanced technology, driving unprecedented demand for these resources.
Global context and importance of vital minerals
Essential metals, such as lithium, cobalt, nickel, and rare earth elements, are the lifeblood of modern industries. They are used in virtually everything, from electric vehicle and smartphone batteries to wind turbines and solar panels, as well as having crucial applications in the defense and aerospace sectors. Historically, the production and processing of these metals have been concentrated in a limited number of countries, creating bottlenecks in supply chains and making them vulnerable to geopolitical and economic disruptions, as highlighted by the COVID-19 pandemic and recent global trade tensions.
The impact of the meeting and the Kingdom's pivotal role
This international initiative aims to diversify sources of vital minerals and establish more resilient, transparent, and sustainable supply chains. The Kingdom's participation, led by Minister Al-Khorayef, is not a coincidence but rather an integral part of Saudi Vision 2030 , which aims to diversify the national economy and make the mining sector the third pillar of Saudi industry, alongside oil and petrochemicals. The Kingdom possesses vast, untapped mineral wealth valued at billions of dollars and is working diligently to develop its legislative and investment infrastructure to attract global companies. Through initiatives such as the annual International Mining Conference hosted by Riyadh, the Kingdom is positioning itself as a leading regional hub connecting resource-rich countries in Africa and Central Asia with global demand markets, thereby enhancing global energy security and supporting sustainable economic growth.
