Riyadh, January 13, 2024, The third edition of the Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources, marked the signing of several significant memoranda of understanding (MoUs) among government agencies, companies, and institutions participating in the forum. The forum introduced new exploration sites and incentives to promote mining exploration.
Key highlights from the FMF include:
1. Cooperation with JOGMEC:
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security (JOGMEC) signed an MoU for collaboration in the fields of mining and mineral resources. The focus will be on the supply of vital minerals crucial for global energy transitions.
2. Copper Value Chain Investment:
- An MoU was signed between the Ministry of Industry and Mineral Resources, the Ministry of Investment, and Jiangxi Copper Co. Ltd. to evaluate and explore investment opportunities in the Kingdom's copper value chain, covering the initial, middle, and final stages.
3. Innovation Mining Oasis Initiative:
- Launched in collaboration with the Ministry of Industry and Mineral Resources, King Abdulaziz City for Science and Technology (KACST), the National Industrial Development and Logistics Program, the Geological Survey Authority, and the Saudi Arabian Mining Company (Ma’aden).
4. Mineral Estimates and Incentives:
- Unexplored mineral estimates were announced, rising from $1.3 trillion to $2.5 trillion.
- New incentives totaling about SAR 685 million ($182 million) were unveiled to boost mining exploration in cooperation with the Ministry of Investment.
5. Exploration License Competition:
- The forum witnessed the submission of the exploration license competition for the Jabal Sayid mineral belt, covering a vast area with significant base and precious metal ores.
- Additionally, 33 new exploration licenses were submitted through competition within the upcoming licensing rounds for 2024.
The Future Minerals Forum serves as a platform for collaboration, exploration, and investment in the mining sector, contributing to the development and utilization of the Kingdom's mineral resources.
