Future Minerals Forum, organized by Saudi Arabia’s Ministry of Industry and Mineral Resources, published its new report titled “Shaping the Future of Minerals” timed to its next event in January 2025.
The authors of the report estimate that meeting the growing demand for key materials in the mining and metals industry would require $5.4 trillion in investments, driven by the ongoing energy transition and traditional factors such as population growth.
The report identifies several key challenges in the energy transition raw materials sector, including the need for investment, collaboration between governments and industry, value addition, creating shared social and economic value, and addressing societal perceptions of the minerals sector.
“Despite considerable progress in the fight against climate change, further advancements are imperative to meet critical climate targets. This reality underscores the necessity for a more robust and sustained collaborative approach to accelerate the pace and scale of efforts. In response to evolving global dynamics, countries and companies are increasingly reevaluating the physical locations where goods are produced to secure and protect strategic supply chains,” the report states.
“A shift is underway from merely exporting raw materials to producing higher value-add midstream or downstream products. This transformation aims to enhance economic resilience and generate greater value within local economies.”
Challenges such as resource depletion, project cycle times, and geopolitical tensions must be addressed to sustain long-term profitability, Future Minerals Forum says. A multi-stakeholder approach involving governments, companies, and communities can help create shared value in the mining industry.
Theodor Lisovoy, Managing Editor, Rough&Polished
