What attracted McEwen Mining to look at Saudi Arabia?

From a geological standpoint, Saudi Arabia is a very prospective mining district, possessing a diverse and abundant array of minerals. The Kingdom has a long history of mining dating back thousands of years. Gold was being mined around the Red Sea during the pharaohs, and evidence of extensive copper mining existed in the Arabia Shield. Despite this history, the mineral wealth of the country has not been aggressively explored, because over the past 50 years its government’s priority was focused on oil and gas.

However, today, the aim of Vision 2030 is to maximize the value of the Kingdom’s rich natural resources by making mining the third pillar of its economy. To achieve this, it has launched bold initiatives and incentives to attract mining expertise from around the world. Its actions are unique, refreshing and inspiring. Saudi’s big embrace of mining is something that is not happening anywhere else in the world, except China. Governments in North America and Europe appear only grudgingly tolerate mining, and they certainly do not have their arms wide open to warmly welcome and embrace exploration and mining companies as is occurring in Saudi Arabia today.

In summary, the attractions of Saudi Arabia are numerous, a largely unexplored and prospective mineral panorama, a deep and extensive mineral inventory, a well-organized auction process, inexpensive energy, a welcoming government that wishes to move exploration and mine permitting quickly, low tax rates, financial incentives in a land with enormous capital pools, and a well-educated and young  population along with the traditional Arabian hospitality. All these factors make it very compelling to come here.

How do you intend to participate in Saudi Arabia’s mining industry?

Our interests are copper and precious metals. At this moment, our challenge is allocating the appropriate management time and financial resources without adversely impacting the growth of our precious metals mining operations and our large Los Azules copper project. We are looking forward to forming a joint venture with a Saudi partner and participating in the next auction. 

What is the role of Saudi Arabia in promoting the new mining production the world population needs?

I find the Kingdom’s strong commitment towards mining very refreshing, enlightened and disruptive. It is a first mover wake up call to the G7 countries. Saudi’s ruler want to be far ahead of the competition to build new mines that will satisfy not only his country’s future needs for minerals but also be in a position to reduce the projected shortage of minerals needed for the energy transition.

Gold hit record highs last year. What is your expectation for the gold price?

I believe the gold price will climb much higher than its current price of $2,700/oz to over $5,000/oz, over the next 3-4 years. The factors that will drive the price higher are historic drivers, the massive issuance of fiat currencies, excessive and unsustainable growth of personal, corporate and government debt levels, increasing geopolitical tensions and increasing gold purchasing by central banks.

Would you like to add a final message about your recent experience in the Future Minerals Forum?

It was my first time attending FMF and it far exceeded my expectations. I was impressed by its size, scope and especially the enthusiasm and excitement about the future of mining for Saudi Arabia. It was a stark contrast to the atmosphere of the conferences that I attended last year, elsewhere in the world, where the mood was somber and cautious about the availability of capital and there was concern about extended permitting delays and government interventions. Also, I was most impressed by the spectacular growth in attendance of FMF, going from a standing start four years ago to over 26,000 attendees in 2025.

Outside the halls of the FMF, I observed an enormous difference between the economic activity here and in my home country, Canada. Everywhere I looked there were signs of a strong economy. Construction cranes are a common sight, as are beautiful new buildings. In addition, I saw a city where respect to the rule of law and private property was clearly evident. There was little to no litter along the streets, few examples of graffiti defacing buildings and infrastructure, no evidence or discussion of local crime and homelessness did not appear to exist. Sadly, all of the above is becoming the norm in Canada. In addition, our politicians are overlooking an enormous opportunity to lift the standard of living of Canadians by following Saudi Arabia’s initiative and aggressively promote and encourage the renewed development of the extractive industries. These industries were the foundation of Canada’s economic growth and can still be, with the right government in power. The Kingdom is providing an example Canada should embrace.