Saudi Arabia holds $1.3T in minerals, eyes $1.5T: PIF Governor

10/01/2024 Argaam
Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF)

Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF)

Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), predicts a sixfold increase in global mineral demand by 2040. He notes that the Kingdom has additional mineral resources for potential use.

 

At the third edition of Future Minerals Forum in Riyadh, he stated the Kingdom's mineral resources have reached $ 1.3 trillion, with a goal of $ 1.5 trillion. Saudi Arabian Mining Company (Maaden), a related company, is exploring gold, zinc, lithium, and other minerals.

 

PIF is leading the world's largest exploration program and have initiated a joint investment project with Maaden to access minerals not found in the Kingdom, Al-Rumayyan added.

 

He announced the first bachelor's degree in mining sciences at King Fahd University of Petroleum and Minerals, integrating artificial intelligence into the curriculum. This step marks the beginning of utilizing AI in mining.

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