We are currently in Riyadh, Saudi Arabia attending the inaugural Future Minerals Forum. This is our first dedicated research trip since COVID-19 and it has not disappointed. While most investors think of Saudi Arabia in terms of oil and natural gas, it is in the process of becoming a mining center as well.
The geology of the region is extremely prospective. It is an analog to the Nubian Basin across the Red Sea that yielded the gold systems of Egypt and the VMS region of Eritrea. Despite the prospectivity, Saudi Arabia has remained largely outside the reach of Western mining companies (with a few exceptions). That is now changing as the Kingdom seeks to open up its mining claims and usher in a new period of mine development. Indeed, everywhere we looked, we were seeing dramatic changes in terms of societal norms and economic focus.
Our partners know that we strive to be at the forefront of new trends in the resource industry, and this certainly qualifies. While it is still early days and much work needs to be done, the changes underway in Saudi Arabia’s mining industry need to be followed very closely.
Rest assured G&R will be doing just that.
We will be writing more on this topic in our upcoming Q4 2021 commentary. If you are not already subscribed to receive our research when it's released, we invite you to sign up below.