30 Sep 2024
JEDDAH: Saudi Arabia is ramping up its adoption of advanced mining technologies as top minister met with senior executives from the US firms at MINExpo International 2024.
During his visit to Las Vegas, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef held bilateral meetings with these firms to discuss localizing innovative solutions for mining operations and exploring promising investment opportunities in the sector.
The discussions aimed to bolster the Kingdom’s mining industry and enhance its global competitiveness, the Saudi Press Agency reported.
The Kingdom aims to establish mining as a foundational industrial pillar, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion), according to a recent release from the Ministry of Industry and Mineral Resources.
In addition to mining discussions, the minister explored collaboration with advanced industries, including a visit to JetZero, a California-based aviation company, and a tour of SpaceX, a leader in space exploration technologies.
In a post on his X account, Alkhorayef said: “During my visit to the US state of California, I was briefed on the advanced technologies possessed by JetZero and SpaceX, the two leading companies in their field, and discussed with them enhancing cooperation in the aviation and space industry sector; in line with the Kingdom’s goals and targets in the National Industrial Strategy.”
In the mining sector, Alkhorayef, along with his deputy for mining affairs, Khalid bin Saleh Al-Mudaifer, engaged in discussions about potential investments with Michael Wright, CEO of Thiess, a prominent mining services provider with operations across Australia, Asia, and the Americas.
They evaluated strategic targets outlined in the Kingdom's comprehensive mining strategy and extended an invitation to Thiess to expand its regional footprint in Saudi Arabia.
Alkhorayef also met Jon Stanton, CEO of Weir Group, to explore opportunities in the valves and pumps sectors, which are experiencing rising demand due to major oil and gas projects.
The valves sector was valued at $9.8 billion in Saudi Arabia by the end of 2022. The minister emphasized the potential for establishing a local manufacturing facility for pumps and valves to enhance the sector’s capabilities.
Furthermore, Alkhorayef engaged with Richard Harris and Petri Virrankoski from Sandvik to discuss investments in mining machinery and surface drilling solutions, highlighting Sandvik’s role in advancing operational efficiency through innovative equipment and digital solutions.
The minister also met with Dave Goddard, head of mining at Hexagon, who outlined Saudi Arabia’s digital transformation across various sectors, including mining.
Alkhorayef presented initiatives like the Future Factories program, aiming to automate 4,000 facilities, which could facilitate Hexagon’s expansion and address the growing demand for software solutions, including AI applications.
In discussions with Otto Breitschwerdt, chief technology officer at Caterpillar, Alkhorayef highlighted promising opportunities in heavy equipment and diesel generators amid the Kingdom’s ambitious development plans.
He noted that the heavy equipment market is projected to exceed $4 billion, while the diesel generator market is expected to reach $550 million by 2030.
Alkhorayef also met Dan Lankford, chairman of Impossible Metals, to explore the latest solutions in offshore mineral exploration. Impossible Metals is developing underwater robotic vehicles for critical mineral extraction and has successfully tested its autonomous underwater vehicle, Eureka II, in deep waters.