Over the last few days, Cardew Group’s Robin Walker has taken part in the Future Minerals Forum (FMF) in Riyadh which is fast becoming the largest and most significant gathering of the critical minerals, mining and metals sectors globally.

In just five years, this annual event has become a destination of choice for large mining companies, investors and suppliers, and also governments. More than 23,000 delegates from all over the world and more than 100 government representatives convened to discuss the future of minerals under the banner of “a new global cause”.

It is no accident that such a significant global event is taking place in Saudi Arabia. The country has gone out of its way to open itself up to tourism and host events in recent years and, long a power in the world of energy, has sought to rapidly diversify its economy with mining a critical pillar of its Vision 2030.

One of the most obvious signs of this at the FMF is the lead sponsorship of Ma’aden, the self-described “fastest growing mining company in the world”. From a small player in aluminium just a few years ago, it has expanded rapidly across minerals and geographies to become a multi-billion base and precious metals behemoth. With a mix of Saudi and international management, it is deploying enormous capital and drive to support both Saudi Arabia’s development and resource discovery.

The concept of hyper-scalers is usually considered to belong to the world of tech and AI but this week a compelling case has been made for the need to hyper-scale minerals production. Companies such as Ma’aden show that it can be done. The compounding effect of the growth of AI, demand for electrification, energy transition and security is driving demand to never-before-seen levels and it is no accident that in the same week the London Metal Exchange saw an all time record high price for copper. A Future Minerals Barometer published at the forum suggests the need for trillions of dollars of investment to meet the demand over the next decade.

Others in the Middle East are watching closely and investors from across the region are, as we noted last year, becoming increasingly active in Africa. The advantage that Saudi Arabia enjoys over Western countries is a geographical location between Africa and Central Asia, abundant cheap energy from both oil and renewables, and networks around the world. This includes access to Chinese suppliers and companies. The huge range of companies and governments, including representatives from the US and UK, attending the Forum reflects both the traditional role of the Middle East as a meeting place for cultures and civilisations and the increasingly confident strategic posture of the Kingdom as a geopolitical player in its own right.

With delegates buzzing around the mega deals currently on the table – Anglo Teck and Rio Tinto/Glencore – nicknamed “Glentinto” - as well as topics to discuss from transition minerals and financing the next generation of exploration, the Forum has been a fascinating insight into what next for the fast-changing world of metals and critical minerals. In an industry well known for its complexity and cyclicality there is always scepticism when people talk about super-cycles but the prices of larger mining stocks and the commodities they produce suggest that this scepticism may be challenged in the years ahead.

In a global contest to attract talent and secure capital, the minerals sector must compete with tech to attract the interest of younger generations. Reputation has never been more important. As delegates have been reminded on a regular basis, both attracting talent and securing a license to operate require companies to manage their message and invest in reputation.

Mining and metals processing start from a low base in this respect, especially in Western Europe. Saudi Arabia may be a great platform from which to launch a “global cause” for the extractive industries, but persuading a truly global audience to recognise and embrace that cause will be a generational challenge for the sector.

At Cardew Group we have advised some of the most complex and global international mining companies and supported them across media, digital and public affairs. We take an integrated approach to reputation and support our clients to engage with complexity in a strategic manner. If you would like to discuss the themes of the Future Minerals Forum, critical minerals or mining please contact Robin Walker or Tanya Chikanza.