Saudi Gazette report

RIYADH — Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said that the global demand for minerals will rise six times by the year 2040.

Addressing the Future Minerals Forum, which kicked off at King Abdulaziz International Conference Center in Riyadh on Wednesday, he said that the Ma’aden Company, a subsidiary of PIF, has expanded the discovery of gold and other minerals such as zinc and lithium. The Kingdom has additional deposits and resources of these minerals, he pointed out.

The PIF governor spoke about the work carried out by the Kingdom and its role in energy transitions, as well as in achieving a low-carbon future, in addition to targeted investments in vital minerals and others. He also elaborated on how the Kingdom can provide strategic support, work on the global transition, and provide demand for minerals.

Al-Rumayyan highlighted the efforts that the Kingdom has exerted in the past years and continues to provide through the PIF and the extent of its importance to the Kingdom’s economy. “We are now conducting the largest global exploration program, and we have begun a joint investment project between PIF and Ma’aden, which is a beacon for minerals, whose mission is to reach the minerals that we do not have in the Kingdom,” he said while explaining ways of cooperation in the energy sector and ensuring that Saudi Arabia is on the right path to achieve the goals of the Vision 2030.

The Saudi sovereign fund chief announced the launch of the first bachelor’s degree in mining sciences at King Fahd University of Petroleum and Minerals. Artificial intelligence and its uses in mining sciences will be part of the curriculum, he said while noting that Ma’aden has begun to benefit from artificial intelligence in the field of mining.