Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry
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Updated 10 January 2022

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

Future Minerals Forum in Riyadh to unearth potential of Saudi mining industry

DUBAI: The inaugural Future Minerals Forum in Riyadh will mark the beginning of a new era for Saudi Arabia’s mining industry.

Key mining players across the globe are taking part in the event, which is hosted by the Saudi Ministry of Industry and Mineral Resources.

The ministry said that the event promotes three themes: Mining’s contribution to society, reimagining mining, and investing in new and emerging mining regions.

It comes as part of Saudi Vision 2030’s goal to diversify the economy.

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The Kingdom has identified mining as a key sector of the future, with an untapped potential of $1.3 trillion, according to recent data.

Saudi authorities have launched one of the world’s largest geophysical and geochemical surveys, on top of other reforms to fully take advantage of the growing industry.

Organizers are optimistic that miners and global investors will see the opportunities that the emerging region presents.

According to an event briefing document, the Middle East, West and Central Asia, and Africa “represent a blank canvas on which to develop modern mining industries.”

The ministry hopes that the Riyadh forum will kick-start a global conversation about the future of the industry, with minerals expected to play a crucial role in a global energy transition.

The future global economy is characterized by low-carbon technologies including electric vehicles, solar panels and wind turbines, organizers said, adding that these innovations are “powered by mined materials such as copper, zinc, tin, tungsten and lithium.”

More than 2,000 participants are expected to attend the three-day event at the King Abdulaziz International Conference Center.

More than 150 international investors will also attend, along with thought leaders and global speakers who will take part in speaking sessions.

Among the mining leaders and industry experts who have confirmed their attendance to the conference are Canada’s Mark Bristow of Barrick Gold Corporation, Robert Friedland of Ivahone Mines, Anil Agarwal of UK-based Vedanta Resources, Jeffrey Dawes of US-based Komatsu Mining Corporation and Roy Harvey of US aluminum producer Alcoa.

Major Saudi figures are also taking part in the event: Abdulaziz Al-Harbi, CEO of Ma’aden; Yousef Al-Benyan, CEO of SABIC; and NEOM chief Nadhmi Al-Nasr.

A key part of the event is showcasing investment opportunities, drawing major investors and sovereign fund leaders, including officials from Resource Capital Funds, Pacific Road Capital, Rousseau Asset Management, EMR Capital and Sprott.

The forum will discuss the “establishment or transformation of a new, modern and responsible future minerals industry in the Middle East, West and Central Asia, and Africa.”

Attendees will experience an in-depth look at the resource endowment of these regions as well as better understand legal and regulatory frameworks, the organizers said.

Another key theme of the summit is the application of environment, social, and governance principles in the industry. One session will discuss “building a sustainable mining future.”

A brochure said that the event will mark “growing societal expectations for a mining industry that protects the environment, contributes to community development and behaves ethically.”

The Kingdom is optimistic about the potential role of mining in its ambitious diversification strategy, and aims to “emerge as a major new player in global mining.”

 


Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading
Updated 23 sec ago

Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading

RIYADH: Saudi Arabia’s Ministry of Energy has launched an electronic service that enables license issuance for import and export activities of petroleum products, it said in a statement. 

The ministry explained that obtaining licenses and permits is a prerequisite for practicing petroleum trading activities. 

The new decree adds that the ministry shall set the necessary procedures to regulate all aspects of commercial activity related to trade in petroleum products.


ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
Updated 22 min 48 sec ago

ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
  • In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession

May 19 (Reuters) - Abu Dhabi National Oil Company on Thursday announced three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day, the company said on Thursday.

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental (OXY.N), and around 100 million barrels of oil in place were discovered.

In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said.


Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions
Updated 22 May 2022

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

RIYADH: Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

A slide in US Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1 percent to $1,843.29 per ounce. Prices hit a one-week high earlier in the session.

US gold futures settled up 0.1 percent at $1,842.10.

Platinum falls

Silver fell 0.1 percent to $21.69 per ounce, but was up about 2.9 percent for the week.

Platinum fell 1.4 percent to $948.77, while palladium eased 2.4 percent to $1,958.81. 

Wheat, corn ease 

Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high it hit earlier this week as technical selling pressured the market, traders said.

Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed. 

Soybeans gained on strong export demand, amid tight supplies.

The most-active wheat contract on the Chicago Board of Trade lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.

CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.

Soybeans firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.

UK to impose duties on Chinese aluminum extrusions

Britain may impose anti-dumping duties of up to 29 percent on aluminum extrusions from China to protect domestic producers, a trade agency said on Friday.

Aluminium extrusions — widely used in the transport, construction and electronics industries — are being dumped in Britain at lower prices than they are sold in China, the Trade Remedies Authority said in an interim report.

“The TRA determined that there is already damage to the UK industry, having found clear evidence of price undercutting, indicating that UK businesses are struggling to compete with the dumped imports,” a statement said.

Provisional measures will be imposed as the TRA completes its investigation, requiring Chinese companies exporting to Britain to provide a bank guarantee beginning on May 28, it added.

Duties ranging from 7.3 percent to 29.1 percent were recommended, depending on the company and the level of dumping margin, the interim report said.

(With input from Reuters) 


India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub
Updated 22 May 2022

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

MUMBAI: India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation.

Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.

The new tax regime on petrol and diesel could result in a loss of about 1 trillion Indian rupees to the government in annual revenue due to the lower collection, she said in a series of tweets.

The government also removed the import duty on anthracite, PCI coal and coking coal in a bid to reduce raw material costs for local market demand.

The latest measures will be effective from May 22, the government said in a notification after the announcement by Sitharaman, who also urged state governments to follow suit with similar reductions on fuel prices keeping in line with federal plans.

Jet Airways to fly again

India’s Jet Airways said on Friday the country’s aviation regulator has cleared it to resume operation of commercial flights.

Once India’s biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.

Jet said the grant of an air operator certificate by the Directorate General of Civil Aviation “was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness.”

The airline had said in June that the National Company Law Tribunal approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.

Apple looks to boost production in India - WSJ

Apple Inc. has told some of its contract manufacturers that it wants to increase production outside China, the Wall Street Journal reported, citing people familiar with the matter.

India and Vietnam, which are already sites of Apple production, are among the countries short-listed by the company as alternatives, the report added.

Apple last month forecast bigger supply problems as COVID-19 lockdowns slowed production and demand in China.

The report said that Apple is citing China’s strict anti-Covid policy and other reasons for its decision.

Apple declined to comment to WSJ and couldn’t be immediately reached by Reuters on Saturday.

(With input from Reuters) 


Saudi stocks higher on positive earnings: Opening bell

Saudi stocks higher on positive earnings: Opening bell
Updated 22 May 2022

Saudi stocks higher on positive earnings: Opening bell

Saudi stocks higher on positive earnings: Opening bell

RIYADH: Saudi stocks opened higher in the first trading session of the week following positive earnings reports.

The main index, TASI, added 0.70 percent to reach 12,515, while the parallel market, Nomu, rose 0.76 percent at 22,678, as of 10:09 a.m. Saudi time.

Saudi Industrial Export Co. gained 4.83 percent to lead the gainers, while Malath Cooperative Insurance Co. fell 4.17 percent to lead the underperformers.

Lazurde Co. for Jewelry came in second in the gainer list, up 4.32 percent, after seeing its first quarter profit rise by 34 percent.

Saudi Home Loans Co. advanced 0.50 percent, following an increase in the company's first-quarter profit of 9.8 percent.

The National Agricultural Development Co., known as NADEC, gained 1.34 percent after reporting a 137 percent increase in profit for the first quarter.

Al-Baha Investment and Development Co. raised 0.60 percent after proposing a 25 percent capital reduction.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.11 percent, while Alinma Bank fell 0.28 percent.

In the pharma sector, both companies advanced. Aldawaa Medical Services Co. gained 0.26 percent, and Nahdi Medical Co. rose 0.13 percent.

Oil prices settled slightly higher on Friday. Brent crude rose to $112.55 a barrel and US West Texas Intermediate crude reached $110.28 a barrel.