According to Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), global demand for metals is projected to increase sixfold by 2040. Speaking at the Future Minerals Forum in Riyadh, Al-Rumayyan emphasized that the transition to renewable energy presents a “big opportunity” for mineral investments. As per the Saudi Press Agency (SPA), PIF’s governor stated, “For us at the PIF, we think that mining is really a big opportunity for all the investment community. I think if we want to move toward net-zero carbon emissions, the demand (for minerals) there will be even bigger.”
To address the growing demand both within the Kingdom and worldwide, the PIF, along with its subsidiary Ma’aden, has decided to establish the first bachelor’s program focusing on mining science and engineering in partnership with King Fahad University of Petroleum and Minerals. Al-Rumayyan also highlighted that the program will incorporate artificial intelligence into the mining sector’s curriculum.
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Furthermore, Al-Rumayyan asserted that the Kingdom cannot undertake this transition alone if it aims to secure the minerals necessary for its future initiatives. Instead, it intends to foster collaboration and investments to ensure supply chain security. Consequently, the PIF’s deliberate creation of Manara Minerals, a joint venture with Ma’aden, aims to provide international access to minerals that are not readily available within the Kingdom.
Al-Rumayyan mentioned that through this initiative, the wealth fund has already made significant investments in Vale Base Metals and plans to invest “between $25 to $30 billion in different jurisdictions” over the next decade. Additionally, the wealth fund is engaged in discussions with companies like ACWA Power to facilitate aligned efforts toward achieving net-zero energy.
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