The just concluded fourth Future Minerals Forum (FMF), in Riyadh, Saudi Arabia, marked a historic milestone with the signing of 126 Memorandums of Understanding (MoUs) and agreements valued at $28.5 billion, between government organisations, local and international companies, event organisers said.

The agreements, which span a broad spectrum of investments and collaborations, represent strategies for driving economic growth, expanding geological efforts, building capacity, diversifying industries and enhancing the Kingdom’s global standing in the mining sector. Key areas of the MoUs include exploration and mining, financing, research and development with a focus on technological innovation, sustainability initiatives and value chain investments.

Saudi entities involved in these agreements include the Ministry of Industry and Mineral Resources (MIM), Aramco, Ma’aden, MODON, NIDLP, Ajlan & Bros, KACST and many others. On the international front, FMF welcomed agreements with major global players, such as Viridien, Star Vision Aerospace, Alibaba Group Holding Limited, College of North Atlantic Canada and ADG, among others. These agreements demonstrate Saudi Arabia’s openness for business and preparedness as a hub for mining excellence, the organisers said.

Reflecting the Kingdom’s strategic goals, 51% of these MoUs were signed with local companies, while international partnerships accounted for 49% of agreements, illustrating a balanced and inclusive approach to growth.

Among the agreements signed were:

• The agreement between RCJY and Vale International SA to invest in an iron ore briquette plant at Ras Al-Khair;
• the MoU between RCJY and Vedanta Copper International to establish a copper smelter, refinery and copper rod project;
• An MoU between Mekyal Financial Technologies and Marine Mining Company to set up and organize the investment structure to fund deepsea exploration; and
• The MoU between Al Watania For Industries and the Shanghai Donghexin New Material Group Co., Ltd, China to produce high-quality tinplate for the metal packaging industry.

International Mining, as a media sponsor, was present at FMF, in Riyadh this week. To see our coverage, click here.