Morocco and Saudi Arabia Cooperation in Mining Sector: Future Minerals Forum and Ambitions of Saudi Gold Refinery Co.

2024-01-11 19:36:59

Leila Benali in Saudi Arabia. Credit: DR

Morocco and Saudi Arabia signed, Tuesday in Riyadh, a memorandum of understanding aimed at developing cooperation in the mining sector, during the work of the third meeting of ministers in charge of mining affairs.

Signed by the Minister of Energy Transition and Sustainable Development, Leila Benali and the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, this memorandum of understanding aims to strengthen bilateral cooperation in the sectors of industry and mining, as well as the exchange of experiences and expertise.

The two sides also reviewed investment opportunities in the mining sector in both countries, as well as the growing global demand on mines.

The city of Riyadh is hosting, this Wednesday, the 3rd edition of the Future Minerals Forum (FMF), with the participation of 79 countries, including Morocco. This event aims to strengthen international cooperation in the production of strategic minerals and to highlight the potential of the mining region which extends from Africa to Western and Central Asia.

Illustration of Riyadh’s ambition in the field: Saudi Gold Refinery Co. is striving to become the second largest mining company in the Kingdom thanks to the support offered by government authorities.

On the sidelines of the Future Minerals Forum, its president, Suliman Al-Othaim said that SGR plans to increase its gold production 10-fold, as Saudi Arabia positions itself as a global mining center.

“We now have three mines internationally, in Morocco, Uzbekistan and Kurdistan. We are seeking to become a multinational company and become a state-owned company by 2030. We have become a large employer in Saudi Arabia and the second or ten largest company in Saudi Arabia’s mining sector,” did he declare.

By implementing advanced research, SGR is trying to increase its gold ore production to 100 tonnes by 2027, according to Al-Othaim.

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