St. petersburg: Saudi Arabia seeks to play a pivotal role in the mining and minerals sector similar to its historic role in supporting the stability of global energy supplies, Minister of Industry and Mineral Resources Bandar Alkhorayef said on Thursday.

According to Saudi Press Agency, during a panel discussion at the St. Petersburg International Economic Forum in Russia, Alkhorayef stated that the Kingdom aims to achieve this through international partnerships and by developing an integrated ecosystem that supports sector growth and strengthens global mineral supply security. The panel, titled 'Rare and Strategic: Sovereignty and International Cooperation in the Field of Rare Earth Elements and Critical Minerals,' brought together ministers, decision-makers, and leaders from the mining and minerals sector worldwide.

Alkhorayef mentioned that Saudi Arabia launched the Future Minerals Forum as a global platform that brings together governments, mining companies, financial institutions, and academic and technology organizations to promote international cooperation and forge partnerships needed to address challenges facing the sector. He noted that the forum has become one of the world's leading specialized mining platforms, with its latest edition attracting participants from 100 countries, alongside major mining companies, financial institutions, and academic and technology bodies.

Mining is one of the main pillars of Saudi Vision 2030 and efforts to diversify the national economy, Alkhorayef said. He added that intensified geological surveying and exploration activities in recent years helped raise estimates of the Kingdom's mineral wealth to around $2.5 trillion, an increase of about 90% compared with estimates announced in 2018, highlighting the sector's significant potential.