Saudi Arabia commits to a rapid and aggressive expansion in the mining sector, announcing a substantial $100 billion investment. 2215

RIYADH, Saudi Arabia — At its annual Future Minerals Forum in the capital, Riyadh, Saudi Arabia is making significant strides to establish itself as a key player in the global critical minerals sector, unveiling various agreements, investment initiatives, and new discoveries.

On Wednesday, Khalid al-Mudaifer, the Saudi vice minister of mining affairs, revealed plans for a substantial mineral investment initiative worth $100 billion. He also mentioned that $20 billion of this investment is currently in the final engineering stage or already under construction.

Although the vice minister refrained from sharing additional specifics, Saudi authorities have been in talks about ambitious plans to greatly enhance the nation's exploration efforts for lithium, alongside other essential minerals and rare earth elements such as copper, gold, zinc, phosphate, and nickel.

In early 2024, the kingdom's ministry of industry and mineral resources increased its estimate of the value of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in Jan.