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Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, announced plans to deepen cooperation with Russia in the rare earths and critical minerals sector during the St. Petersburg International Economic Forum. The initiative aims to strengthen global supply chains and align with Saudi Vision 2030's economic diversification goals. Alkhorayef highlighted the Kingdom's $2.5 trillion estimated mineral wealth and its ambition to become a global leader in mining, similar to its historical role in energy markets. The Future Minerals Forum, a key platform for international collaboration, has grown into a leading mining event with participants from 100 countries. This partnership could reshape global mineral supply dynamics, particularly as demand for critical minerals in technology and green energy sectors surges. For traders, the news signals long-term strategic shifts in mineral markets, though immediate price impacts are limited. Investors should monitor Saudi Arabia's progress in developing downstream industries and expanding non-oil exports, which could influence global commodity flows and regional economic integration.
