The Future Minerals Conference, the Future Minerals Forum’s (FMF's) Ministerial Roundtable and the “largest such gathering of its kind globally”, has grown considerably over the past few years, with tangible outcomes and new areas of focus emerging.

This was highlighted by Saudi Arabia Industry and Mineral Resources Minister Bandar bin Ibrahim Alkhorayef, delivering the opening remarks at the fifth roundtable iteration in Riyadh, Saudi Arabia, on January 13.

The roundtable kicks off the yearly FMF, being held this week under the auspices of Saudi Arabia’s Ministry of Industry and Mineral Resources.

In his remarks, Alkhorayef lauded this as “milestone year”, with the roundtable having grown from hosting delegates from 32 countries in its inaugural year, to this year boasting Ministers and senior representatives from over 100 countries and 70 organisations.  

Moreover, its scope has broadened at the request of supplier countries; while keen interest has been shown by more customer countries to join, showcasing the global relevance of the platform, Alkhorayef averred.  

TANGIBLE OUTCOMES
Alkhorayef acclaimed that “excellent progress” has been made over the past five years, including tackling the financing gap in mineral exploration in collaboration with the World Bank; focus on transparency and traceability in mineral supply and creating a network of centres of excellence.

The roundtable was a closed session; however, FMF content and strategy director Aldo Pennini outlined some of the key outcomes and also provided more insight into the progress alluded to by Alkhorayef.

Speaking to Mining Weekly, he said planning for establishing centres of excellence started three years ago, with engagements undertaken with governments, academic organisations and research centres from the “Super Region”, which spans Africa, west Asia and central Asia.

Pennini informed that work to establish the network of centres of excellence is being kickstarted.

One would be in South Africa, in collaboration with the Council for Scientific and Industrial Research and other institutions, to establish a talent hub that can link up to the rest of the region.

This is in the vein of forming a “web of excellence” that can help countries develop these capabilities, even if they lack the capacity and resources for this, Pennini explained.

A sustainability hub is being set up in Morocco, while an innovation hub is being set up in Saudi Arabia hub. There is also work to design a virtual policy hub. 

Participants at the roundtable welcomed the introduction of a dialogue with industry to the roundtable agenda.

The FMF, with support from the group, was requested to develop an initiative for structure dialogue between governments and industry throughout the year, focused on driving investment and responsible supply.

It was also recommended that next year’s FMF incorporate government-industry workshops to explore common challenges.

Work is also progressing on the development of an international copper traceability standard, which is being undertaken by the International Organisation for Standardisation.

This pioneer work was catalysed by the roundtable, which submitted a project to the organisation to develop a standard that would cover traceability from the mined ore to the purified metal.

A report regarding the standard was presented during the roundtable, with its development expected to take two years. Provided it is approved, the standard at conclusion is expected to enhance supply chain transparency and investor confidence.

The sustainability hub in Morocco, alluded to earlier, will coordinate this work.

Pennini explained that the standards space is saturated and complex, posing significant challenges for regulators and industry, and this aims to mitigate it. “We seek not to duplicate what’s currently out there, but to fill gaps and to provide supplier networks with a greater voice in designing these standards.”

Alkhorayef announced the appointment of Permanent Ministerial Steering Group to guide FMF on strategy, implementation of existing initiatives and dentition of new ones.

He welcomed 17 inaugural member countries to the group, aimed at engendering geographic balance, as well as in supplier and customer country representation.

Membership of the group would be on a rotational basis, with new countries joining over time.

Saudi Arabia Mining Affairs Vice Minister Khalid Al-Mudaifer tabled for discussion a draft FMF outlining principles, objectives and starting a process for advancing cooperation between supplier and customer countries to growth mineral supply.

This framework aims to advance cooperation between producing and consuming countries and is the culmination of work undertaken by the FMF since 2023. The initiatives have reached level requiring countries to participate actively in their implementation, through an agreed structure and process to be overseen by the group.

The framework enabled the incorporation of new initiatives enforced the roundtable. Governments wanting to be involved in the framework are requested to do so before March end, and participants called for it to be presented to multilateral and other global forums as a model of collaborative action.

The World Bank Group presented a new strategy for minerals and metals, focusing on supporting countries to boost mineral development and its value chain, into processing and regional manufacturing to bolster local value and jobs.

This strategy is hinged on three pillars of policy, governance and institutions; foundational infrastructure; and private sector mobilisation and innovation.

STRATEGIC IMPORTANCE
The importance of minerals globally was underscored.

Alkhorayef highlighted this as central to ensuring countries’ development, energy and economic goals, and this necessitating secure, resilient supply chains, financial investments, and the deployment of innovative technologies.

However, he acknowledged that there are challenges that must be mitigated.  

Alkhorayef referred to slow project development, fragmented policies, infrastructure gaps globally, financing constraints, lack of trust in the sector.

This calls for collaboration, he emphasised, encapsulated in the central theme for this year “Dawn of a Global Cause: Minerals for a New Age of Development”, which is aimed at driving collective action to grow mineral supply responsibly, creating local value and jobs for the new generation.