Under the patronage and on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated the fifth edition of the Future Minerals Forum (FMF) today.
The event is being held at the King Abdulaziz International Conference Center in Riyadh and is attended by over 20,000 participants. The forum features nearly 400 speakers, including ministers, experts, and leaders from major international mining companies, international organizations, academic institutions, and financial institutions.
In his opening remarks, Alkhorayef highlighted the Saudi leadership's strong interest and support in ensuring the FMF continues to play a crucial role. He noted that the forum has evolved from a simple dialogue platform into a global decision-making forum that influences policies and mobilizes investments.
This year's theme is "Minerals for a New Era of Development."
He stated: “The fifth edition is a significant milestone in the FMF's trajectory, which has become a vital platform for shaping decisions and fostering partnerships across the entire mineral value chain.
The major transformations the world is experiencing, including advancements in artificial intelligence and the energy transition, cannot be achieved without securing minerals and their associated supply chains in a responsible and sustainable manner.”
The industry minister also shared the outcomes of the fifth international ministerial meeting held as part of the forum, which saw participation from over 100 countries and 59 international organizations. He noted tangible progress, including initiatives to establish centers of excellence, strengthen responsible mining standards, and align with the World Bank Group’s new mineral strategy, thereby moving from dialogue to measurable implementation.
He affirmed that Saudi Arabia is committed to enhancing the resilience of global mineral supplies, in line with Saudi Vision 2030, through a thriving, sustainable, and investment-friendly mining sector that supports economic diversification and job creation.
He asserted that the Kingdom has allocated more than 33,000 square kilometers for exploration and mining licenses to both local and international companies through competitive bidding rounds. The ninth round alone awarded 172 mining sites to 24 companies, the largest licensing round to date.
Alkhorayef also pointed to the completion of geophysical and geochemical surveys of the Arabian Shield (100%) and noted that exploration spending has increased more than fivefold since 2020, rising from SAR1 million to SAR1.052 billion in 2024.
He emphasized the Kingdom's commitment to accelerating the development of its mineral potential, estimated at approximately SAR9.4 trillion, by offering competitive exploration opportunities during 2026 and 2027.