Saudi Arabia’s Mining Lesson: Real Mining Race is About Value, Not Resources

Saudi Arabia, long defined by its oil wealth, is now strategically pivoting towards mining as a cornerstone of its economic diversification under the ambitious Vision 2030 agenda. The Kingdom aims to move beyond resource extraction and become a significant player in the processing and refining of critical minerals, which are increasingly vital for powering the global transition to artificial intelligence, clean energy technologies, and electric vehicles.

Minister of Industry and Mineral Resources Bandar AlKhorayef emphasized that the global race for these essential materials is no longer solely about resource control but about the capacity to process, refine, and transform them into industrial growth. In an exclusive interview with The Astana Times, AlKhorayef highlighted the potential for robust trade, investment, and industrial cooperation with Kazakhstan, a nation rich in mineral resources but with significant untapped potential.

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As you know, our two countries have great relations in terms of leadership and people-to-people ties. But it is our responsibility to build on this relationship through more economic ties, more trade and more investment.

"As you know, our two countries have great relations in terms of leadership and people-to-people ties. But it is our responsibility to build on this relationship through more economic ties, more trade and more investment," AlKhorayef stated. He sees mining as central to this vision, noting that attracting international attention and investment requires continuous engagement and effective platforms connecting opportunities with investors.

While Kazakhstan possesses vast reserves of metals and minerals, much of its potential remains underexplored and underappreciated by international investors. AlKhorayef pointed to Saudi Arabia's own experience in attracting investment, stressing the importance of building a clearer picture of resource locations, economic viability, and development requirements. He believes cooperation can span from exploration and mining to processing and technology, leveraging Kazakhstan's long history and knowledge in the sector.

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Mining is a sector where Kazakhstan has a long history and long knowledge. There is a lot of area for cooperation and to work with each other, from exploration to mining to processing and technology.