AS IT HAPPENED: Future Minerals Forum, Day 3

AS IT HAPPENED: Future Minerals Forum, Day 3
(The event discusses the role that each country in the region can play in developing sustainable and responsible mineral value chains. Future Minerals Forum)
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Updated 13 January 2022

AS IT HAPPENED: Future Minerals Forum, Day 3

AS IT HAPPENED: Future Minerals Forum, Day 3
  • A major theme of the previous day was the role of minerals in the global transition to clean energy

RIYADH: The Future Minerals Forum in Riyadh continues on Thursday for its last set of high-level discussions about the future of the mining industry.

The three-day summit, which gathers more than 2,000 participants at the King Abdulaziz International Conference Center, held back-to-back discussions on Wednesday spanning topics from attracting investments to responsible mining.

A major theme of the previous day was the role of minerals in the global transition to clean energy.

Major Saudi personalities, including top officials from the Public Investment Fund, Ma’aden, and the Minister of Energy, spoke in several sessions throughout the day.

FMS2022: Click here for more stories on the Future Minerals Forum

The third day will continue the previous insightful talks with topics on technology in mining, women’s participation in the industry, as well as industry outlook in the coming years.

Saudi Arabia’s environment, water and agriculture minister Abdulrahman Al-Fadley is opening the forum with a keynote address.

Follow our coverage (all timings in GMT):

11:00NEOM wants to convince the world that mining can be done in a sustainable manner, according to the CEO of the megacity being built on Saudi Arabia’s northwest Red Sea coast.

Nadhmi Al-Nasr said that the $500 billion project is starting with “no legacy” when it comes to excavations, but has ambitions to bring “technology and innovation” to the sector.

He acknowledged that mining has a bad reputation, saying: “No matter what we do, mining perception is not good enough yet.”

He went on to argue that “it is time for the mining industry to compete with the oil industry” as he called for the sector to move to “the next era.”

09:30 – Robert Friedland, chairman of Ivanhoe Mines, said demand for copper, which is used for electric vehicles, will rise 10 times by 2030.

He said the excavation of the mineral should “dramatically increase if the world wants to switch to electric vehicles.

07:45 – ‘Women in Mining’panel discussion saw calls for the industry to do more to attract female talent.

Christine Gibbs Stewart, CEO of Australia-based Austmine, said that just 9 percent of the global mining workforce are women, and even in her country which is a “very mature market” it is just 16 percent.

She added: “We need the best and brightest to join the mining industry because of the challenges that we face in the future.

“In order to do that, we need to think differently because of the perception of mining we have been talking about that it is not a woman-friendly industry, we really need to step up and we need to be leaders.”

07:00 – A keynote panel on the participation of women in the traditionally male-dominated mining space, which sees participation from the Saudi mining company Ma’aden.

“Only 7 percent to 8 percent of of women are working in the global mining workforce and that is a huge gap that needs to be filled, says Sheila Khama, the former CEO of De Beers Botswana.

06:30Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley reiterated the government’s commitment to achieve a sustainable economy, as part of the Saudi Vision 2030.

He added the government is keen to limit desertification and preserve wildlife, and ultimately “increase community participation in such activities.”

“Achieving the national objectives to protect the environment comes only by participation of all segments, from both public and private sector,” the minister said, emphasizing the critical role of partnerships in the fight against climate change.

The minister also talked about the issue of funding major environmental projects, as well as the delicate balancing act between climate action and economic growth.


Germany to completely stop Russian oil imports: Bloomberg

Germany to completely stop Russian oil imports: Bloomberg
Updated 13 sec ago

Germany to completely stop Russian oil imports: Bloomberg

Germany to completely stop Russian oil imports: Bloomberg
  • Recent statistics from the economy ministry in Berlin suggest that Russia’s share of German crude consumption has already declined to 12 percent

Germany has decided to completely stop Russian oil imports by the end of this year, even if the EU fails to impose a complete Russian embargo, Bloomberg reported, citing German government officials. 

According to the government officials, who wished to stay anonymous, the government is busy sealing deals with alternate suppliers, and all the problems related to logistics will be solved in the next six or seven months. 

Recent statistics from the economy ministry in Berlin suggest that Russia’s share of German crude consumption has already declined to 12 percent from about 35 percent following the Ukrainian invasion. 

Even though several EU nations are supporting a complete Russian embargo, diplomats have floated a delay in the phased-in oil ban after Hungary objected to the move, stating that it is too damaging for its economy. 


Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah
Updated 24 min 21 sec ago

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

RIYADH: Saudi Arabia’s historic city development project, The Diriyah Gate, will contribute SR27 billion ($7.2 billion) to Saudi Arabia’s gross domestic product upon its completion, according to Abdullah Taibah, senior advisor to CEO, the Royal Commission for Riyadh City. 

While talking at the Saudi-Thai Economic Forum on May 16, Taibah said that the project will also create around 120,000 jobs, and will surely emerge as one of the most popular destinations in Saudi Arabia. 

Known as Saudi’s cultural capital, Diriyah is located just 20 minutes northwest of Riyadh’s city center. The plan is to transform the historic city into one of the world’s leading “lifestyle destinations for culture and heritage, hospitality, retail, and education,” according to a government website. 

Taibah spoke of some of the other ambitious projects that are set to transform the Kingdom into a land of global attraction as Saudi moves ahead with achieving Vision 2030 goals.  

Calling the King Salman Park, the “Lungs of Riyadh,” he revealed that this site will have plenty of green space, with lots of arts and sports activities. 

Talking about the Qiddiya project, Taibah said, “This place will be developed over 316 square km. It will include eight family-friendly theme parks. It will include the longest Formula One track of about 7.8 km and it’s supposed to be attracting 48 million visitors.” 

He added that the Riyadh Art project will install more than 1,000 public art installations from local and international artists. 

Talking about improving city transport infrastructure, Taibah noted that the King Abdulaziz metro project will cover 176 km in Riyadh with 85 stations. 

“These stations will be spread around the city covering the most populated areas connecting King Khalid (International Airport) from the north, all the way to King Abdullah Financial District and other populated areas,” he added. 

 


Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq
Updated 31 min 7 sec ago

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

RIYADH: The profit margin of Bahraini oil refineries has risen to its highest historical level in the industry, the country's minister of oil and gas said in an interview with Asharq.

Mohammed bin Khalifa bin Ahmed Al-Khalifa also added that Bahrain Petroleum Co. refinery’s expansion is over 80 percent complete. 

Expansion of the main oil refinery is in progress which will raise the total capacity to around 400,000 barrels per day, he added. 

The Bahrain Petroleum Co. refinery expansion project will raise the current production capacity from 267,000 barrels to 360,000 barrels per day, according to Asharq.

Bahrain has more than 30 trillion cubic feet of gas reserves, and imports about 80 percent of its crude oil from Saudi Arabia.


Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI
Updated 36 min 21 sec ago

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi Arabia's crude oil exports fell by 72,000 barrels per day (bpd), or 1 percent month-on-month in March, data from the Joint Organisations Data Initiative, also known as JODI, reveal. 

Exports decreased to 7.235 million bpd from 7.307 million bpd in February. The decline is the biggest since March 2021 when exports fell 3.5 percent.

The volume of crude oil output has continued to grow for the eleventh month in a row. 

The output grew by 75,000 bpd in March to 10.300 million bpd. Production rose by 0.7 percent from 10.225 million bpd in February. 


Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban
Updated 56 min 5 sec ago

Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban

Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

The price — which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine — jumped to 435 euros ($453) per ton as the European market opened.