In a significant move to bolster international relations within the mineral sector, Saudi Arabia’s Ministry of Industry and Mineral Resources has successfully established four Memorandums of Understanding (MoUs) with a quartet of nations: the Democratic Republic of Congo (DRC), Egypt, Morocco, and Russia. These agreements were signed during the Ministerial Roundtable, which served as a precursor to the third edition of the Future Minerals Forum (FMF) convened in Riyadh on the 10th and 11th of January.
The scope of these MoUs encompasses a broad spectrum of cooperation in the realm of mineral resources. Notably, the agreements were forged with Egypt’s Ministry of Petroleum and Mineral Resources, Morocco’s Ministry of Energy Transition and Sustainable Development, and the DRC’s Ministry of Mines. Additionally, collaboration in geology and mineral resources was agreed upon with the Russian Federation’s Ministry of Natural Resources and Environment.
The Ministerial Roundtable has seen impressive participation, drawing in 79 governments, 13 international organizations, 15 NGOs, and seven business associations, all converging under the aegis of Saudi Arabia. The FMF and its associated roundtable discussions serve as a platform to advance international cooperation, focusing on the production of strategic minerals that are crucial for the global energy transition.
The ministry underscored the untapped potential of the expansive region that includes Africa, Western, and Central Asia, and articulated its vision through the FMF to establish a foundation for sustainable development within the worldwide mineral industry, with a particular emphasis on this region.
Furthermore, during the day’s discussions, there was a consensus on the imperative for diverse stakeholders, spanning government entities, industry leaders, and the private sector, to amplify their collective efforts. The goal is to develop capacity and forge collaborative initiatives in the minerals sector that will drive economic and social progress for local communities.