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Friday, Jan 28, 2022

Saudi mineral potential is “enormous,” Ivanhoe chairman says

Saudi mineral potential is “enormous,” Ivanhoe chairman says

The chairman of the Canadian Ivanhoe Mines Ltd. described the Kingdom’s mineral potential as “enormous,” indicating that "Ivanhoe would love to be part of it.”
“We think the [Arabian Shield’s] potential is limitless for diamonds, rare earth, lithium, copper, gold and other minerals we haven't even thought about,” Robert Friedland said.

“It's big. It's unexplored, and it's blessed by cheap energy, at the bottom of the world cost curve, with new infrastructure, and proximity to markets,” he added.

Ivanhoe Mines Ltd is a Canadian mining development and exploration company, and a major producer of ‘green copper’. It focuses on regions where it can make "super-large discoveries”.

Saudi Arabia prepares to host the Future Minerals Summit in Riyadh from Jan. 11 to 13 next year to boost the region’s mining industry.

Friedland confirmed his participation at the summit, known as FMS, citing it as "very important" for the mining sector.

The three-day conference expects to attract over 2,000 attendees, 150 investors, 100 global speakers, 100 mining corporates and 15 ministers and heads of state from more than 95 countries.

FMS will also include CEOs of Barrick Gold and Alcoa, Mark Bristow and Roy Harvey, and the chairman of Fortescue Metals, Andrew Forrest, Saudi’s ministry of industry and mineral resources confirmed.

The summit, serving as a global platform, will provide opportunities for the establishment of partnerships and exchange of technical knowledge in the field of mining.

This comes amid the Gulf state’s efforts to develop and lift the Middle East, Central Asia and North Africa region’s mining sector and attract foreign investments to the local market.

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