Saudi Arabia Plans to Lead in Sustainable Mining

Saudi Arabia aims to become a world leader in the sustainable production of metals and minerals as the world transitions towards the use of clean energy. Saudi Arabia holds 17% of the proven petroleum reserves globally. This is in addition to being a major producer of phosphate fertilizer through its state-owned firm Ma’aden.

The kingdom’s government estimates that it holds more than $1 trillion worth of untapped deposits, including gold, zinc, copper, uranium and phosphates. Khalid Al-Mudaifer, the vice minister for mining affairs, ministry of industry and mineral resources, attended the Mines and Money conference that recently took place in London. While speaking to international mining investors and delegates in attendance, the minister discussed the advances the country had already made in its mining industry.

Al-Mudaifer explained that without metals and minerals, decarbonization would not be possible, highlighting the need to increase mineral discoveries as well as production. The minister then noted that Saudi Arabia was well positioned to further ramp up mining and forge integrated value chains, explaining that the country had stable fiscal policies, a stable government, low-cost energy and good infrastructure, as well as significant experience.

Al-Mudaifer noted that ive new sites for exploration are soon to be licensed, with the relevant authorities also revealing that the details of 10 new opportunities will be released in 2023. Al-Mudaifer also highlighted that metal and mineral supply chains needed to become more resilient to meet increasing demand. This is in addition to revealing that the Kingdom of Saudi Arabia planned to increase its production of green hydrogen as part of its transition to the use of renewable energy. The country plans to avail the biggest green hydrogen plant and make it operational by 2026. The plant will have an annual production capacity of 250,000 tons.

This comes after the government of Saudi Arabia sought investments from miners in Australia to support its multibillion-dollar mining plan earlier last month. During an interview in Sydney to drum up investment interest, Bandar bin Ibrahim Al-Khorayef, the country’s minister of industry and mineral resources, encouraged Australian miners to explore and mine in Saudi Arabia.

Saudi Arabia’s Vision 2030 project involves a reduction in the use of fossil fuels and embracing industries such as renewable energy, manufacturing and mining. Of its $170-billion mining plan, Saudi Arabia expects that roughly 60% will come from private companies while the rest is expected to be from state-owned bodies. In 2021, Ma’aden revealed that it planned to allocate significant funds in the next two decades for the exploration of battery metals.

When the minerals from Saudi Arabia enter the market, they will be in direct competition with companies that have established themselves as strong players in the extraction industry, such as Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF).

NOTE TO INVESTORS: The latest news and updates relating to Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) are available in the company’s newsroom at https://ibn.fm/AZMCF

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