1 week Ago By owen.bennett
JEDDAH: Saudi Arabia and the US are poised to strengthen mining ties following high-level talks in Riyadh, where both sides discussed boosting investment, economic cooperation, and critical mineral supply chains. Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met with US Secretary of Energy Chris Wright on April 13, as part of the White House official’s ongoing visit to the Kingdom, according to the Saudi Press Agency. The meeting, which was also attended by Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer, focused on strengthening the strategic partnership between Saudi Arabia and the US in the mining and minerals sector.
In a post on his X account, Alkhorayef said: “I met with US Secretary of Energy Chris Wright at the Ministry’s headquarters in Riyadh, where we focused on enhancing strategic cooperation in the mining sector. We also discussed future partnership prospects and reviewed the long-standing industrial relations between our two countries.” Discussions explored ways to expand bilateral cooperation in mining, with an emphasis on the sector’s critical role in the global energy transition, advanced technologies, and clean energy-driven economies.
The talks also highlighted the importance of minerals in electric vehicle production and their components, identified key investment opportunities, and examined mechanisms to unlock their potential. Both sides reaffirmed their commitment to strengthening economic collaboration and deepening long-standing ties. Alkhorayef extended an invitation to Wright to attend the 2026 Future Minerals Forum, scheduled to be held in Riyadh.
The Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion), according to official figures.
Attracting international investment in the mining sector is central to Saudi Arabia’s ambition to reach $100 billion in annual foreign direct investment by the end of the decade. In March, the Kingdom announced a new incentive package to boost FDI in the mining industry, underscoring its broader strategy to diversify the economy and tap into its untapped mineral reserves. The initiative reflects close coordination between the ministries of investment and industry through an exploration enablement program aimed at streamlining market entry for exploration firms.
The program also seeks to enhance geological surveying and foster a competitive investment environment for both local and international mining companies..
