A global mining expert has predicted that Saudi Arabia would emerge as a leading country in the mining sector globally, alongside China.
“The regulatory and legislative steps and measures [being taken by Saudi Arabia] would attract major investments to the mining sector in the country,” Robert Friedland, founder and co-chairman of the Canadian Ivanhoe Mines Company, said, SPA reported.
“The Kingdom aims to exploit its mining resources at the maximum possible value by increasing value chains, in addition to securing 50 percent of its electricity needs from renewable energy, which consumes minerals equivalent to 4 to 6 times what is consumed by conventional energy,” Friedland pointed out.
He was speaking at the Bank of America Commodities Conference on Monday.
Friedland singled out the huge copper deposits in Saudi Arabia, which can propel the country to an envious spot globally, considering the high demand expected for this mineral in the future.
“The Arabian Shield region enjoys limitless mining capabilities, including lithium, copper, gold and other unexplored minerals, in addition to the region’s low-cost energy, solid infrastructure, and proximity to global commercial markets.
“In the coming years there will be a significant increase in the demand for copper, which is used in the electric car industry, and that copper supplies have become extremely important for generating the necessary electricity for the global economy,” Friedland said.
He also pointed out that copper mining and the provision of its supplies is a national security issue and a fundamental factor in achieving our economic goals.
“By 2030 the world will need 20 million charging points for electric cars, which means an increase in copper demand by 250 percent, and that by 2040 electric cars will require an additional 3.7 million tons of copper annually,” Friedland said.
He also said copper was a major component of green infrastructure, and was involved in the construction of networks and wind turbines, saying.
“We need eight new mines, such as the Kamoa Kakula mine in the Democratic Republic of Congo, to fill the projected copper supply gap, which is estimated at 9 million tons by 2030,” Friedland said.
He stressed that the mining industry is an essential pillar of the world’s transition to a more sustainable future, as emerging mining areas play a vital role in this transformation, which helps ensure the security and diversity of mineral supplies.
Robert Friedland, who was also one of the keynote speakers at the International Mining Conference held in Riyadh last January, said the Kingdom was rich in various types of minerals, including those used in the manufacture of technologies necessary to build a sustainable future.
“Mining companies must become effective in exercising their development roles, and governments should support the mining industry to achieve a successful transition to clean energy,” Friedland said, adding that the world has not yet realized the extent of the disruption that the replacement of fossil fuels with clean energy may cause.
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