Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, has called for a global investment of $6 trillion in the mining sector over the next ten years to meet rising demand for critical minerals. His remarks came during the fourth annual International Mining Ministers Summit held in Riyadh from January 14 to 16.
Speaking to representatives from more than 85 countries—including 16 G20 nations—as well as international organizations, trade unions, and mining industry leaders, Alkhorayef emphasized that the mining sector is entering a new era of strategic importance.
“With the global push toward renewable energy and the exponential growth of technologies like artificial intelligence, the demand for key minerals is surging. Meeting this demand requires robust international cooperation and long-term investment,” the Minister said.
Saudi Arabia is positioning itself as a major player in the global mining industry. The Kingdom aims to leverage its vast untapped mineral resources to drive economic diversification under its Vision 2030 strategy.
Just last week, the Ministry of Industry and Mineral Resources revised the estimated value of the country’s mineral wealth to over $1.3 trillion. These reserves include substantial deposits of copper, zinc, phosphates, uranium, and gold.
The conference highlighted not only the scale of the global mining opportunity but also the need for sustainable practices and coordinated investment strategies to ensure secure and resilient mineral supply chains.