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Thursday, Feb 09, 2023

Energy transition to increase 5-fold by 2050: Alkhorayef

Energy transition to increase 5-fold by 2050: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef said the World Bank (WB) estimated that the energy transition will increase 5-fold by 2050 through the use of modern technologies.
Alkhorayef made these remarks during a meeting within the activities of the International Mining Conference in Riyadh.

He stated that the US government has focused on the role of the supply chains, technology, automotive industry, defense industries and green technology. “Our region is able to be a bridge extending across these countries in this transformation.”

The mining sector is now playing a leading role, he said, adding that the world is in much need for minerals and metals. He stressed the importance of developing the supply chains which meet the world needs.

Minerals and metals must be developed in order to increase the levels of commitment, and improve the trade balance between the different countries, in addition to the participation in the zero-carbon emissions.

Saudi Arabia has reduced the risks of investment, production and manufacturing operations in the mining sector, Alkhorayef said.

He added that the Kingdom has attracted huge investments exceeding $33 million in 2020, in addition to launching the first auction for this sector with the participation of several countries.

Saudi Arabia has also expanded supply chains in phosphate and gold, and developed an environment suitable for the electric car industry.

Speaking to Al-Ekhbariya, the minister said the mining future in Saudi Arabia is promising, noting that the amount of minerals in the Kingdom was estimated at SR5 trillion.

Alkhorayef noted that the metal detection operations are carried out through the geological survey program on the entire Arabian Shield.

He added that there is another program for accelerated exploration, through which additional quantities and types of minerals can be explored.

The modern technologies related to mining will be available to investors in Saudi Arabia, he said, noting that the sector provides many investment and job opportunities through the services provided to this sector.

The International Mining Conference is considered an important platform in the region to develop the mining sector, and provides an opportunity for investors, companies, financiers and universities to cooperate with each other, which would contribute in accelerating the investments in the mining sector in the region.

Alkhorayef said the participation of 60 countries in the International Mining Conference proves that Saudi Arabia has become the focus of the world’s attention, adding that the world is in much need of mining for industry.

He also stressed the need to provide the minerals in appropriate quantities and prices.
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