During his visit to Santiago, Chile, Minister of Industry and Mineral Resources Bandar Al-Khorayef explored joint investment opportunities in lithium, copper, iron, and other minerals with major Chilean mining companies and technology centers.
Al-Khorayef met with Codelco CEO Ruben Alvarado to discuss potential investments in metal production, particularly lithium and copper. Codelco, founded in 1976, is a global leader in copper exploration, production, and sales, with a strong market presence in Asia, Europe, and the US. Saudi Arabia has an existing partnership with Codelco through Almar Water Solutions, owned by Abdul Latif Jameel.
The minister also engaged with leaders from other prominent Chilean mining firms, including Antofagasta, SQM, and Quinenco, to review current investment opportunities in Saudi Arabia’s mineral exploration sector. This included discussions on the Exploration Enabling Program and licensing incentives offered by Saudi Arabia.
Al-Khorayef extended an invitation to Chilean mining executives to participate in the International Mining Conference in Riyadh next January. Additionally, he met with officials from the Advanced Mining Technology Center (AMTC) and AngloAmerican’s Mine Control Center to explore the use of advanced mining technologies to enhance operational efficiency and adhere to global environmental standards.
The minister’s tour, which also included stops in Brazil, focused on strengthening international partnerships and attracting foreign investment to Saudi Arabia’s mining sector. The Kingdom has made significant strides in improving the investment climate, including updates to the mining investment system, tax incentives, and foreign ownership policies.
In April 2024, Saudi Arabia introduced the Exploration Enabling Program with a $182 million allocation to mitigate exploration risks. The government provides comprehensive geological data to support investor decision-making, ensuring transparency and clarity.
Saudi Arabia has invested heavily in mineral exploration, with projects funded by the Saudi Geological Survey and the establishment of the National Minerals Program, aimed at improving supply chains and ensuring the continuity of mineral supplies. This includes the launch of exploration licenses in key mineral-rich areas, such as the Jabal Sayyad and Al-Hajjar sites, covering over 4,700 square kilometers.
These initiatives are part of Saudi Arabia’s broader strategy to accelerate mineral resource exploration and exploitation, aligning with its goal to invest SR120 billion in the sector