RIYADH, Saudi Arabia — Saudi Arabia is pushing ahead to put itself on the global critical minerals map, announcing a number of deals, investment plans and discoveries at its annual Future Minerals Forum in the capital Riyadh.
Saudi Vice Minister of Mining Affairs Khalid al-Mudaifer announced Wednesday the development of a new mineral investment project valued at $100 billion, and that $20 billion of it was already in the final engineering phase or under construction.
While the vice minister did not provide further details, Saudi officials have discussed plans to significantly expand the country’s exploration for lithium, as well as for other critical minerals and rare earth elements including copper, gold, zinc, phosphate and nickel.
In early 2024, the kingdom’s Ministry of Industry and Mineral Resources increased its estimate of the value of its unexploited mineral resources.
