The fourth edition of the International Mining Conference 126 agreements and memorandums of understanding worth a total of 107 billion riyals were signed in Riyadh. These agreements aim to enable exploration, mining, financing, research, development and innovation, as well as sustainability, value-added chains and mineral industries.
The signing ceremony was attended by International Mining Conference HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, HE Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, HE Minister of Industry and Mineral Resources Mr. Bandar bin Ibrahim Al-Khorayef, HE Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng.
The agreements and memorandums of understanding signed include a memorandum of understanding between the Royal Commission for Jubail and Yanbu and Tosyali Capital Arabia to cooperate in establishing an integrated flat steel production plant in Ras Al Khair Industrial City, which aims to support the value-added chain of the steel sector in the Kingdom and enhance export potential, and a cooperation agreement between the Royal Commission for Jubail and Yanbu and Vale to produce iron ore billets in Ras Al Khair, enhancing the supply of essential raw materials for national and global industries.
In an ambitious move to boost copper production, the Royal Commission for Jubail and Yanbu signed a Memorandum of Understanding (MoU) with Vedanta Limited to establish a copper smelter and refinery with a production capacity of 400,000 tons per year, in addition to a copper rod production plant with a capacity of 300,000 tons per year in Ras Al Khair.
The agreements also included a memorandum of understanding between Makayal Capital and the Marine Mining Company, which aims to establish a fund to support deep-sea mineral exploration and exploitation projects, an innovative initiative to expand the exploration of mineral resources and the use of modern technologies in marine mining.
For its part, NAI signed a memorandum of understanding with Shanghai Donghishin New Materials Company Limited, with the aim of developing the advanced materials industry, enhancing production efficiency and industrial technologies.
The conference saw the announcement of four strategic projects, including the launch of a joint venture between Aramco and Ma'aden to explore critical minerals for the energy transition. The partnership combines Aramco's expertise in geological data and digital technologies with Ma'aden's exploration and development capabilities. Ma'aden also announced new discoveries including a potential expansion of the Mansoura and Masra mines and discoveries in Wadi Al-Jaw and Sheiban deposits.
In the iron and steel sector, Hadeed announced its full acquisition of Al Rajhi Steel Industries, with an investment plan of SAR 25 billion to meet the needs of mega projects, while China's Baosteel announced the construction of the first integrated steel factory outside China in cooperation with Aramco and the Public Investment Fund (PIF).
The fourth edition of the International Mining Conference kicked off yesterday in Riyadh, with a record attendance of more than 18,000 participants from 170 countries, with the participation of 405 speakers in more than 70 sessions to review the latest developments in the sector and discuss future challenges and opportunities, with a focus on strengthening international cooperation and sustainability of the mining sector to achieve economic and social development in the world.
