403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Global Mining Sector Needs $6 Trillion Investment By 2035, Saudi Minister Warns
(MENAFN- The Rio Times) The global mining industry faces an unprecedented challenge: it requires a staggering $6 trillion in investments over the next decade to meet surging demand for critical minerals.
This revelation came from Bandar Alkhorayef, Saudi Arabia 's Minister of Industry and Mineral Resources, at the fourth Future Minerals Forum in Riyadh on January 14, 2025.
Alkhorayef emphasized the urgent need for international cooperation to address the growing demand for minerals, which are crucial for supply chains and the energy transition.
This massive investment requirement underscores the pivotal role of critical minerals in the global shift towards clean energy technologies. The demand for these minerals is expected to rise dramatically.
The International Energy Agency projects that in their Net Zero Emissions scenario, demand for lithium could increase eightfold by 2040. Meanwhile, demand for nickel, cobalt, and rare earth elements could double.
The rapid deployment of renewable energy systems and electric vehicles primarily drives this surge. However, the path forward is fraught with challenges. The mining industry must balance increased production with sustainable and responsible practices.
Environmental concerns, geographically concentrated mineral deposits, and social issues related to mining operations all pose significant hurdles. Saudi Arabia, traditionally known for its oil resources, is positioning itself as a key player in the critical minerals market.
The kingdom estimates the value of its untapped mineral resources at $2.5 trillion, aligning with its Vision 2030 plan to diversify its economy. Countries are accelerating their efforts to reduce emissions, driving a rapid growth in the demand for critical minerals.
This trend presents both opportunities and challenges for the mining industry. It must adapt to meet the changing needs of the global energy landscape while addressing environmental and social concerns.
This revelation came from Bandar Alkhorayef, Saudi Arabia 's Minister of Industry and Mineral Resources, at the fourth Future Minerals Forum in Riyadh on January 14, 2025.
Alkhorayef emphasized the urgent need for international cooperation to address the growing demand for minerals, which are crucial for supply chains and the energy transition.
This massive investment requirement underscores the pivotal role of critical minerals in the global shift towards clean energy technologies. The demand for these minerals is expected to rise dramatically.
The International Energy Agency projects that in their Net Zero Emissions scenario, demand for lithium could increase eightfold by 2040. Meanwhile, demand for nickel, cobalt, and rare earth elements could double.
The rapid deployment of renewable energy systems and electric vehicles primarily drives this surge. However, the path forward is fraught with challenges. The mining industry must balance increased production with sustainable and responsible practices.
Environmental concerns, geographically concentrated mineral deposits, and social issues related to mining operations all pose significant hurdles. Saudi Arabia, traditionally known for its oil resources, is positioning itself as a key player in the critical minerals market.
The kingdom estimates the value of its untapped mineral resources at $2.5 trillion, aligning with its Vision 2030 plan to diversify its economy. Countries are accelerating their efforts to reduce emissions, driving a rapid growth in the demand for critical minerals.
This trend presents both opportunities and challenges for the mining industry. It must adapt to meet the changing needs of the global energy landscape while addressing environmental and social concerns.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment