Mining sector faces unprecedented challenges, focus to be on boosting investments: Official

Khalid Almudaifer, Vice Minister of Industry and Mineral Resources

Khalid Almudaifer, Vice Minister of Industry and Mineral Resources, said the mining sector is currently facing unprecedented challenges, despite the increase in demand for minerals, stressing that several opportunities could be available amid these hurdles.

Addressing the third Ministerial Roundtable at the Future Minerals Forum (FMF) today, Jan. 9, the official indicated technology and innovation can be tapped to optimally discover and extract minerals, noting that governments play a key role in legalities that can facilitate the issuance of licenses.

Furthermore, cooperation between countries is critical, as the goal is to support supply chains by focusing on boosting investments and building capabilities. This is necessary to meet the increasing global demand. In addition, global production is currently insufficient to meet global demand in the future, Almudaifer explained.

He also highlighted that the mining sector requires huge investments amounting to $3 trillion by 2030, to fill the gap and provide support for critical minerals, in addition to infrastructure, services and electricity generation.

According to Almudaifer, financing is key to accelerating achievements and reaching clean energy goals.