Maaden CEO says mining sector key for Vision 2030, seeks to monetize copper opportunities

Saudi Arabia’s Vision 2030 aspires to increase the value of mining sector’s contribution to local GDP to up to $26 billion by 2020, according to Darren Davis, CEO of Saudi Arabian Mining Company (Maaden).

Speaking at the 14th edition of the Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum in Dubai, Davis said that mining sector has emerged as strategic sector for the Kingdom, thanks to the significant untapped mineral potential.

“Saudi Arabia has attractive expansion opportunities given the geology and robust commodity market fundamentals,” he noted.

The increased electrification is an important driver of the company’s global ambition, especially in the copper business.

“Electrification and grid enhancement, coupled with fast growing electrical vehicles demand, drives our ambitions in copper sector, as it is the second largest commodity market in the world,” he added.

Davis said that the increased volatility in world commodity markets means a focus on fundamentals is essential.

“This means the right commodities and the right assets,” he said.