Saudi Arabia reveals $100 billion mining investment

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 from $1.3 trillion to $2.5 trillion, boosted by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in Jan. 2024, the Saudi government established a $182 million incentive program for minerals exploration.
The kingdom’s state oil giant, Aramco, announced on Wednesday a joint venture with Saudi state mining company Ma’aden to explore and produce energy transition minerals.
Speaking onstage, Saudi Energy Minister Abdulaziz bin Salman told attendees of the minerals forum that Aramco had identified