Bandar Al-Khorayef, Minister of Business and Mineral Sources
Bandar Al-Khorayef, Minister of Business and Mineral Sources, stated that Saudi Arabia continues to be exploring current portions of iron ore, as there are encouraging portions and good focus, and that is thought-about encouraging within the medium and long run.
The minister added in the course of the Third Saudi Worldwide Iron and Metal Convention, in Riyadh, that on the present stage we’ll proceed to depend on imports from overseas as a result of it’s extra possible, till native uncooked supplies are developed with superior industries, particularly inexperienced industries, indicating that the Kingdom imports 4 million tons regardless of the portions being produced.
He stated that the Kingdom’s iron manufacturing is predicted to achieve 25 million tons by 2035.
When requested concerning the date of issuing licenses to detect iron ore within the Kingdom, the Minister of Business and Mineral Sources said that licenses for detection shall be issued when the chance is correct, indicating that the subsequent stage will reveal new websites, and if these websites are near the infrastructure and economically possible, we shall be able to launch them.
Al-Kharif expressed optimism concerning the stage of demand within the area for iron and metal, in mild of the demand coming from Iraq and Syria quickly, and from Yemen, and from Lebanon, and after stopping the battle in Gaza, indicating that these components make Saudi Arabia a vital station for the iron and metal trade.
He added that the attractiveness of the metal sector in Saudi Arabia is concentrated on three vital axes Embody the next:
First axis: Anticipated native demand, as lots of the targets of the commercial technique rely upon the localization of vital industries that rely closely on the iron and metal trade.
The second axis: The geographical location of Saudi Arabia qualifies it to be an vital area for industrialization by way of the geographical location, the presence of infrastructure, and Saudi Arabia’s competitiveness in power.
The third axis: The Kingdom is shifting in direction of inexperienced metallic industries, that are the long run, as buyers at this time seek for renewable power sources in investing within the metals sector generally, to make sure entry to focused markets.
