DUBAI: A Saudi industry minister hit the bright lights of Las Vegas on Wednesday to convince investors the Kingdom’s growing mining sector was a safe bet for future rewards.
Khalid Al-Mudaifer, vice minister of mining affairs in the Ministry of Industry and Mineral Resources, attended the MINExpo International 2021 where he talked about opportunities for investors, explorers, miners, and other stakeholders.
The Kingdom has already attracted major international investors into the mining sector, including US firm Alcoa, which has a 25.1 percent stake in Ma'aden Bauxite and Alumina Company and the Ma'aden Aluminium Company as part of $10.8 billion joint venture with Saudi miner Ma'aden, located in Ras al-Khair Industrial City in the eastern province.
Speaking in Las Vegas, Al-Mudaifer said: “Saudi Arabia is very much open for business. We have a demonstrable track record of success with our international partners, offering a best-in-class experience benchmarked against global standards.”
Al-Mudaifer said it is the perfect time to invest in the Kingdom’s mining sector, as the government continues to support the industry through major infrastructure projects.
The chief operating officer of Canadian mining company Barrick said his firm has an “excellent working relationship” with the Saudi government.
“Saudi is blessed with good infrastructure; it has excellent roads, airports, railway, and port structures. The country is well positioned for export markets to the east and west,” Willem Jacobs said.
The Saudi vice minister was also at the Las Vegas event to promote the upcoming Future Minerals Summit, which will be held in Riyadh in January next year