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RIYADH: As the world faces a scarcity of crucial mining provide, Saudi Arabia has a significant role to play as its mining sector is integrated with industry, logistics and numerous other sectors, together with energy transition, in accordance with a prime Saudi minister.
While speaking at เกจปรับแรงดันแก๊ส in Riyadh on Jan.11, the Kingdom’s Minister of Investment Khalid Al-Falih famous that a scarcity of provide is considered one of the key challenges confronted within the mining sector.
“We reside in a world the place there may be an anticipated rise in demand for important metals that shall be key to the electrification of the worldwide economic system, and there may be also a critical scarcity of provide,” he mentioned.
Al-Falih added that Saudi Arabia might assist find a solution persisting within the vitality sector, because the Kingdom has all the mandatory enablers, which incorporates the most progressive legal guidelines to elevate the operations within the mining business.
He said Saudi Arabia is the “world’s safety valve” for energy, whether it’s typical, unconventional, or renewable energies, wind, solar, hydrogen or ammonia, or any other rising technologies applied in the mining industry.
The minister famous that the Kingdom has brought collectively all the necessary enablers within the mining sector. “We have the energy solution, we’ve the placement, we gave the financing, and we’ve the best-in-class rules internationally,” stated Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is putting a powerful emphasis on environmental, social, and company governance principles, because the Kingdom has the best ESG scores, with low carbon depth in fossil fuels and the rising utilization of renewables together with hydrogen to scale back emissions whereas processing metals.
He further pointed out that Saudi Arabia is facilitating all needed enterprise environments for private sector firms to come and put money into the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, together with some financing via the event fund for personal sectors. We actually are unleashing the power of the private sector,” stated Al-Falih.
Pointing out that Saudi Arabia at present is ranked primary by way of the worldwide street connectivity index, he said the Kingdom’s robust transport connectivity will help it emerge as a mining hub. “We have 5,500 kilometers of rail, and we’ve 8,000 kilometers which are being tendered out at present,” the minister mentioned.
For his part, Jeremy Weir, govt chairman and CEO of Transfigure Group, mentioned that the continuing conflict in Ukraine has exposed the vulnerabilities nations are going through in the provide chain of the mining sector.
“War in Ukraine made countries realize that they want to not rely on one supplier, however ought to depend on a quantity of suppliers from a number of areas,” said Weir.
Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum
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