Saudi Minister Highlights Minerals as a Global Priority at FMF with 100+ Countries
In a powerful testament to the shifting tides of the global economy, over 100 nations and 70 international organizations gathered in Riyadh this week, united by a single, foundational truth: our shared future is built on minerals. Opening the ministerial roundtable of the Future Minerals Forum (FMF), Saudi Arabia’s Industry Minister, Bandar Alkhorayef, framed the discussion not as a niche industrial conference, but as the launch of “a new era of global development, prosperity and stability through minerals.”
This remarkable convergence—from G20 supplier nations to major consumer economies, with new voices from Latin America adding to the chorus—signals a pivotal moment. The energy transition, digital revolution, and goals of industrial growth are not possible without secure, resilient, and responsible mineral supply chains. As Minister Alkhorayef stated plainly, “Minerals are central to global development.”
The Staggering Scale of the Challenge
The vision outlined in Riyadh is monumental, matched only by the scale of the hurdles ahead. Saudi Vice Minister Khalid Al-Mudaifer laid out a sobering figure: the world requires roughly $5 trillion in investment by 2035 to meet burgeoning mineral demand. This sum is approximately four times the combined market capitalization of the world’s top 20 mining companies, highlighting a colossal financing gap.
Industry leaders underscored the demand surge. Ivan Arriagada, Chair of the International Council on Mining and Metals (ICMM), projected a 40% rise in copper demand by 2040, with lithium demand skyrocketing by 800% and rare earth elements by 300%. “The mining industry has never been more critical,” Arriagada affirmed.
Beyond Investment: The Seven Pillars of Progress
Recognizing that capital alone is insufficient, the forum emphasized a holistic framework. Vice Minister Al-Mudaifer detailed seven critical enablers to unlock the sector’s potential:
- Supportive Policies: Stable, clear regulations to attract long-term investment.
- Financing: Innovative mechanisms to bridge the $5 trillion gap.
- Infrastructure: Shared corridors for power, transport, and water.
- Responsible Practices: Standards that ensure environmental and social stewardship.
- Talent Development: Building skilled workforces for the future.
- Technology: Leveraging innovation for efficiency and sustainability.
- Geological Data: Reliable information to de-risk exploration.
To track progress across these pillars, Saudi Arabia launched the Future Minerals Barometer, a first-of-its-kind tool developed with global experts to serve as a blueprint and benchmark for resilient value chains.
A Call for “Genuine and Determined Collaboration”
Acknowledging deep-seated challenges—slow permitting, infrastructure deficits, fragmented policies, and a deficit of trust—Minister Alkhorayef was clear: “No country can solve these challenges alone.” The forum has therefore evolved into an action platform, spearheading tangible initiatives:
- Collaboration with the World Bank to address exploration financing and prioritize global infrastructure funding.
- Development of an international responsible mining standard to build transparency and trust.
- Establishment of Centers of Excellence in Morocco, South Africa, and Riyadh for talent development and technology transfer.
- Streamlining Project Delivery: A key focus, as highlighted by ICMM, is reducing the current nearly 16-year average timeline to bring a major mine to production, while safeguarding high environmental and social standards.
The Dawn of a Global Cause
What began in 2022 as a regional dialogue with 32 countries has, in just five years, transformed into a global cause. The FMF 2026 stands as a powerful symbol of a new consensus: minerals are the indispensable bedrock of our collective ambitions for a secure, sustainable, and prosperous future.
The closing message from Riyadh was one of urgent, unified action. The call is for governments, industry, and communities to work as “one global cause”—to accelerate supply, support local communities, and create opportunities for generations to come. The groundwork for a new industrial era is being laid, and it is forged in collaboration, powered by minerals, and centered on a shared mission for us all.
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