Global mining needs $6 trillion over next decade, Saudi minister says

ISTANBUL

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Tuesday that countries worldwide are in need of investing $6 trillion over the next decade to meet growing demand in the field of mining and mineral resources.

Addressing the fourth annual international meeting of mining ministers in Riyadh, Alkhorayef said the world is witnessing a surging demand for minerals due to the increasing demand for renewable energy resources and Artificial Intelligence (AI).

He also underscored the urgent need for international cooperation to address increasing demand for minerals.

The meeting, held on Jan. 14-16, is attended by representatives from over 85 countries, including 16 countries from the G20, in addition to at least 50 official and non-governmental international organizations, along with trade unions and leading figures in the global mining industry.

Saudi Arabia seeks to strengthen its position as a leading global hub in the mining sector.

Last week, the Saudi Industry and Mineral Resources Ministry estimated the kingdom’s mineral wealth at over $1.3 trillion, including deposits of copper, zinc, phosphates, uranium and gold.

*Writing by Ahmed Asmar