The recent Future Minerals Forum in Saudi Arabia concluded with a remarkable achievement, securing agreements worth US$28.5 billion. Over three days in Riyadh, 126 memorandums of understanding (MoUs) and agreements were finalized, involving governments, local firms, and international organizations.
These agreements span diverse activities such as mineral exploration, financing, research and development, and sustainability efforts. Key Saudi entities like the Ministry of Industry and Mineral Resources (MIM), Aramco, Ma’aden, MODON, and Ajlan played significant roles. International collaborators included Alibaba Group, Viridien, Star Vision Aerospace, and the College of North Atlantic Canada.
The agreements were almost evenly divided, with 51% involving Saudi companies and 49% with international partners, reflecting Saudi Arabia’s strategy to harmonize local growth with global cooperation.
A notable agreement involved the Royal Commission for Jubail and Yanbu (RCJY) partnering with Turkish steel giant Tosyalı Coremetal Arabia to develop a US$5 billion integrated flat steel plant at Ras Al-Khair. Other significant projects include an iron ore briquette plant by RCJY and Vale, a copper smelter by Vedanta Copper, and a tinplate facility through a collaboration between Al Watania For Industries and Shanghai Donghexin New Material Group.
The Forum also renewed its partnership with McKinsey & Company as its exclusive Knowledge Partner, ensuring expert analysis and insights until 2025. Tarek El Sayed from McKinsey emphasized the partnership’s role in promoting a resilient and responsible minerals industry.
This year, the Forum attracted participants from 178 countries, including 75 government representatives. The event featured ministerial roundtables and specialized zones for mineral technology and exploration, fostering collaboration and innovation.
