Mining executives have welcomed a sharp upswing in investor interest from the Middle East, as Gulf states seek to expand their critical mineral ambitions and take on established global players.
Critical minerals refer to a subset of materials considered essential to the energy transition. These resources, which tend to have a high risk of supply chain disruption, include metals such as copper, lithium, nickel, cobalt and rare earth elements.
“The interest in rare earths in this part of the world is phenomenal,” Tony Sage, CEO of U.S.-listed rare earths miner Critical Metals, said during a business trip through the Middle East.
“I didn’t expect it because, you know, they can’t mine it. There [are] really no discoveries in this area, but they want to be able to participate somehow in the downstream,” Sage told CNBC by telephone.
His comments come as policymakers and business leaders flock to Saudi Arabia’s Future Investment Initiative (FII) in Riyadh, an event nicknamed as the “Davos in the Desert.”
