The British government said it had agreed to deepen cooperation with Saudi Arabia on diversifying sources of key minerals. The UK Department for Business, Energy and Industrial Strategy said the partnership would allow Saudi Arabia to invest in the UK's manufacturing and mining finance sectors and bring new opportunities for UK mining companies to do business in Saudi Arabia.

The British government said it was also important to ensure that the UK's supply chain for critical minerals, which is currently dominated by China, is not overly dependent on any one country.

Saudi Industry and Mineral Resources Minister Bandar Alkhorayef and UK Business, Energy and Industrial Strategy Secretary Grant Shapps said immediate collective action was needed to tackle climate change and achieve net-zero emissions.

They appeared together in a panel discussion titled Land of Opportunity: Promoting Mineral Development in Africa, West and Central Asia on the opening day of the three-day Future of Mines conference in Riyadh.

Alkhorayef said the nascent mining industry in these regions had to move quickly to keep up with global demand for minerals. He highlighted the Kingdom's role in developing reliable mining chains in Africa and Asia, adding that global goals related to the transition to clean energy can only be achieved through collective international efforts. The minister reiterated the importance of developing mineral and metal mining in these regions by focusing on innovative solutions, making data and technology more accessible, and attracting investment.

Alkhorayef added that Saudi Arabia continues to develop its gold, phosphate and aluminum value chains and has taken major steps to create a regulatory environment for electric vehicles.

With mineral reserves worth about $1.3 trillion, Saudi Arabia's mining industry is predicted to have a bright future. Shapps said there was a lot of room for the UK and Saudi Arabia to collaborate on clean energy, and stressed the importance of international collective action to achieve global goals related to the transition.Editor/Xing Wentao