Maaden's Phosphate 3 Project to make Saudi Arabia world’s second largest phosphate exporter: Almudaifer

Khalid Almudaifer, Vice Minister of Industry and Mineral Resources

Khalid Almudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources, said that Maaden’s award of the Phosphate 3 Complex contract, announced today, Jan. 11, will place the Kingdom as the world's second largest phosphate exporter. 

The Ministry of Industry will offer five or six mining exploration opportunities for investors in 2023, Almudaifer told Argaam, during the second Future Minerals Forum held in Riyadh. 

The East Africa, and West and Central Asia region dominates more than 50% of the minerals needed by the world for the transition to net zero. However, there is no spending on exploration, due to the lack of sufficient financial resources for investment, which was discussed in the ministerial meeting on Tuesday.

Almudaifer highlighted the importance of mining investments, which require the establishment of laboratories and attraction of drilling companies and mining services providers. He added that a number of foreign companies announced establishing headquarters in the Kingdom to target the East Africa, and West and Central Asia markets.

"We have great opportunities in the local minerals sector. We announced today the aluminum refinery project, with investments worth SAR 36 billion, as well as Jazan refinery project at SAR 15 billion," the top official said. He added the Kingdom also unveiled iron sheet projects that are needed by the ship and oil industries, as well as the iron strips project that is needed by the automotive and other industries.

The World Bank expects a rise in the consumption of some minerals from 300 to 700 times, Almudaifer said, noting that demand outstrip supply, which requires bridging this gap.