Logo of the Future Minerals Forum in Riyadh
Letter from Saudi Arabia: Big oil meets big shovel
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
Commodities analysts have talked for some time about the convergence between ‘big oil’ and ‘big shovel’—how mining and minerals will rival hydrocarbons as the driver of the world economy, especially in the age of ‘energy transition’. Nobody seriously expects oil and gas to disappear from the global energy mix for many decades to come, but the increasing importance of ‘big shovel’ was on full display at the Future Minerals Forum (FMF) in Riyadh in January. There, in the middle of the main hall at the King Abdulaziz International Conference Centre, among the names of the world’s biggest mining companies, was an imposing pavilion bearing the logo of Saudi Aramco, the world’s largest oil company
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
