Saudi Minister Concludes Chile Visit to Boost Mining Ties

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef concluded an official visit to the Republic of Chile, where he held high-level talks with Chilean ministers and private-sector leaders to strengthen cooperation in mining, industry, and trade, with a focus on lithium, copper, and iron ore. The visit, announced by the Saudi Press Agency (SPA), underscored the Kingdom’s commitment to expanding its global partnerships in critical minerals and advanced industries, key pillars of Saudi Vision 2030.

Context and Background

The visit to Chile, a global leader in copper and lithium production, reflects Saudi Arabia’s strategic push to secure access to critical minerals essential for the global energy transition and the Kingdom’s growing electric-vehicle (EV) industry. Chile is the world’s largest copper producer and a major lithium supplier, making it a vital partner for Saudi Arabia as it seeks to diversify its economy and reduce dependence on oil.

Minister Alkhorayef’s itinerary included meetings with several Chilean cabinet members, including Minister of Mining Aurora Williams, Finance Minister Mario Marcel, acting Minister of Economy, Development, and Tourism Verónica Pardo, and acting Minister of Foreign Affairs Gloria de la Fuente. Discussions centered on enhancing bilateral trade, investment opportunities, knowledge transfer, and the adoption of innovative mining technologies.

Key Details

In his meeting with Minister Williams, Alkhorayef explored cooperation in mining and high-potential industrial sectors such as chemicals, auto parts, and electronics. He extended an invitation for Chile to participate in the ministerial roundtable of the International Mining Conference scheduled for Riyadh in January 2025.

With Finance Minister Marcel, talks focused on boosting trade and Saudi Arabia’s ambition to become a leader in the EV industry. They reviewed the National Industrial Strategy and the Kingdom’s comprehensive mining strategy, highlighting Saudi Arabia’s integrated approach to industrial development.

During discussions with acting Minister Pardo, Alkhorayef emphasized investment opportunities in Saudi industry and mining, noting that tourism and mining are among the sectors Vision 2030 aims to significantly develop. The two sides also addressed enhancing exports of Saudi phosphate fertilizers to Chile to support agricultural productivity and food security.

Alkhorayef participated in a roundtable organized by the Ministry of Industry and Mineral Resources in collaboration with Chile’s industrial federation SOFOFA, attended by representatives of major Chilean mining companies. He met with CODELCO CEO Ruben Alvarado to discuss investment opportunities in mineral production and processing, particularly lithium and copper. A partnership between the Kingdom and CODELCO exists through Almar Water Solutions, owned by Abdul Latif Jameel, focusing on processing raw materials for EV battery manufacturing.

The minister also held bilateral meetings with leaders of Antofagasta and SQM, exploring high-quality opportunities in copper, lithium, and iron production, and reviewed the role of Manara Minerals in leveraging these opportunities. Additionally, he met with officials from the Advanced Mining Technology Center (AMTC) and the Anglo American Mining Control Center to discuss cooperation in mining technology.

Implications and Impact

The visit strengthens economic ties between Saudi Arabia and Chile and positions the Kingdom as a key player in the global minerals supply chain. By securing partnerships with major Chilean mining companies, Saudi Arabia can access essential resources for its industrial and technological ambitions, including EV battery production and renewable energy technologies.

Moreover, the discussions on phosphate fertilizer exports highlight Saudi Arabia’s role in global food security, aligning with its broader objectives of economic diversification and international cooperation.

Vision 2030 Alignment

This visit directly supports Saudi Vision 2030 by advancing the Kingdom’s mining and industrial sectors, fostering international partnerships, and promoting sustainable economic growth. The Kingdom’s focus on mining, as outlined in its comprehensive mining strategy, aims to make the sector a third pillar of the Saudi economy, contributing significantly to non-oil GDP and job creation. Through such initiatives, Saudi Arabia continues to strengthen its global standing and drive innovation in line with its long-term vision.

20 Questions

Q1. Who concluded the official visit to Chile?

A1. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef concluded the visit to Chile, as reported by the Saudi Press Agency.

Q2. What was the main focus of the visit?

A2. The visit focused on enhancing cooperation in mining, industry, trade, and investment, particularly in lithium, copper, and iron ore.

Q3. Which Chilean officials did Minister Alkhorayef meet?

A3. He met with Minister of Mining Aurora Williams, Finance Minister Mario Marcel, acting Minister of Economy Verónica Pardo, and acting Foreign Minister Gloria de la Fuente.

Q4. What invitation did Minister Alkhorayef extend to Chile?

A4. He invited Chile to participate in the ministerial roundtable of the International Mining Conference in Riyadh next January.

Q5. What Saudi strategy was discussed with Chile’s finance minister?

A5. The National Industrial Strategy and the comprehensive mining strategy were reviewed, along with Saudi Arabia’s aim to lead in the EV industry.

Q6. Which industrial sectors were highlighted for cooperation?

A6. Sectors such as chemicals, auto parts, and electronics were highlighted for their export and import potential.

Q7. What did Minister Alkhorayef discuss with acting Minister Pardo?

A7. They discussed investment opportunities in Saudi mining and industry, tourism’s role in Vision 2030, and phosphate fertilizer exports to Chile.

Q8. Which Chilean mining companies participated in the roundtable?

A8. The roundtable, organized with SOFOFA, included representatives from major Chilean mining companies.

Q9. Who is the CEO of CODELCO and what was discussed?

A9. CEO Ruben Alvarado discussed investment opportunities in lithium and copper production and processing with Minister Alkhorayef.

Q10. What is the partnership between Saudi Arabia and CODELCO?

A10. The partnership is through Almar Water Solutions, focusing on processing raw materials for EV battery manufacturing.

Q11. What role does Manara Minerals play in these discussions?

A11. Manara Minerals is involved in leveraging mutual opportunities in copper, lithium, and iron production.

Q12. Which other companies did Minister Alkhorayef meet?

A12. He met with Antofagasta and SQM, as well as officials from AMTC and Anglo American Mining Control Center.

Q13. Why is Chile important for Saudi Arabia’s mining strategy?

A13. Chile is a leading producer of copper and lithium, critical for Saudi Arabia’s EV industry and energy transition.

Q14. How does the visit support Saudi Vision 2030?

A14. It advances the mining and industrial sectors, fostering partnerships and economic diversification key to Vision 2030.

Q15. What are the implications for global minerals supply?

A15. The partnerships could secure access to essential minerals for Saudi Arabia, enhancing its role in the global supply chain.

Q16. What is the significance of phosphate fertilizer exports?

A16. It supports Chile’s agricultural sector and global food security, aligning with Saudi Arabia’s export goals.

Q17. What did Minister Alkhorayef commend about Saudi-Chile relations?

A17. He commended the strong relations that create development opportunities in various economic and commercial fields.

Q18. When is the International Mining Conference in Riyadh?

A18. It is scheduled for next January in Riyadh.

Q19. What is the source of this information?

A19. The information is from the Saudi Press Agency (SPA), an official Saudi news authority.

Q20. How does this visit align with Saudi Arabia’s economic goals?

A20. It supports economic diversification, non-oil GDP growth, and the development of mining as a third pillar of the economy.

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