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Saudi Arabia Unveils $100 Billion Mining Investment To Boost Critical Mineral Production

by THEFUTURE.TEAM
January 16, 2025

At the Future Minerals Forum in Riyadh, Saudi Arabia unveiled an ambitious $100 billion investment aimed at transforming the global mining industry. The kingdom is positioning itself as a key player in the supply of critical minerals essential for energy transition technologies, including lithium, copper, gold, and rare earth elements. This strategic push is part of Saudi Arabia’s broader plan to diversify its economy and reduce dependence on oil.

Khalid al-Mudaifer, Deputy Minister of Mining Affairs, revealed that $20 billion of the planned investment is already advancing through its final engineering phase or is under construction. While details on the full scope of the project remain limited, the focus is on boosting exploration for key minerals such as lithium, copper, zinc, and nickel.

Earlier in 2024, the Ministry of Industry and Mineral Resources updated its estimate of the value of untapped mineral resources, increasing the figure from $1.3 trillion to $2.5 trillion. This upward revision is largely driven by recent discoveries of these critical resources. In conjunction with this, the Saudi government launched a $182 million incentive program to further encourage mineral exploration and development.

Strategic Partnerships And New Discoveries

Saudi oil giant Aramco has partnered with state-owned mining company Ma’aden to jointly explore and extract minerals essential for the energy transition. Aramco’s collaboration extends to lithium exploration, with the company identifying promising lithium concentrations in its operating regions.

Energy Minister Prince Abdulaziz bin Salman highlighted that Aramco’s involvement in mining, particularly lithium extraction, marks a departure from previous assumptions about the company’s focus. “Aramco can be a diversified company, and its mandate has no limits,” said bin Salman, underscoring the kingdom’s forward-thinking approach.

A key player in this strategy is Manara, a joint venture between Ma’aden and the Public Investment Fund (PIF), designed to invest in mining assets globally and strengthen sustainable supply chains. The venture aims to diversify Saudi Arabia’s mining operations and ensure access to the resources necessary for a successful energy transition.

Ambitious Timeline And Market Impact

The kingdom anticipates lithium production could commence as soon as 2027, with collaborations expected to accelerate the process. Lithium, a crucial component for electric vehicle batteries, is in high demand, and Saudi Arabia aims to become a central hub for processing critical minerals, competing with China, which currently dominates two-thirds of the lithium processing market. 

In a breakthrough, Saudi Arabia recently confirmed the successful extraction of lithium from brine samples in Aramco’s oil fields. A joint venture with Ma’aden and local lithium extraction startup, Lithium Infinity, is now working on launching a commercial pilot program for direct extraction.

This bold move signals Saudi Arabia’s determination to play a pivotal role in the future of global mining, tapping into resources that will fuel both its economy and the world’s transition to cleaner energy technologies.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

by THEFUTURE.TEAM
March 14, 2025

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

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