Future Minerals Forum 2026 Keynote: Valerie Levkov at Ministerial Round Table

His Excellency (and Chair) Bandar Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, Kingdom of Saudi Arabia,

His Excellency Khalid Al-Mudaifer, Vice Minister for Mining Affairs, Kingdom of Saudi Arabia,

Mr Yerlan Galiyev, Chairman, National Geological Survey of Kazakhstan,

distinguished guests, ladies and gentlemen, good morning.

It's an honor to join you at this ministerial roundtable, and I'm truly pleased to see so many partners gathered here with a shared purpose:

Today I will focus on four points:

1. Growing demand for minerals - and the opportunity this creates for resource-rich countries.
2. Key challenges that limit supply and local benefits in developing economies.
3. How the World Bank Group is responding through our new metals and minerals strategy.
4. The essential role of partnerships.

Demand and Opportunity

Minerals such as copper, lithium, cobalt, rare earths, and nickel are now critical to daily life - powering electronics, renewable energy, and electric mobility.

Global energy needs could double the demand for critical minerals by 2040, requiring over $500 billion in mining investment in the next 15 years. For many countries, this represents an unprecedented opportunity for growth, diversification, and job creation.

Challenges

This opportunity comes with distinct challenges:

• High costs of technology, infrastructure and human capital undermine project viability.
• Geopolitical risks, including trade disruptions, tariffs, restrictions, are reshaping global supply networks, fueling market instability and increasing prices.
• Urgent but uncertain demand due to rapid technological change discourages long-term investment.
• Concentration of processing in a few countries leaves supply chains exposed to shocks and new players struggle to compete.
• Finally, the financial architecture is not fit for purpose. We lack integrated tools that combine offtake agreements, price risk mitigation, and guarantees.

Addressing these challenges requires bold, coordinated action: policies that reduce risk, ensure transparency, and strengthen cross-border collaboration.

WBG Advantage and Response

The World Bank Group has 60+ years of experience in mining and mineral development, with more than 40 projects in over 20 countries.

We have proven capacity to:

• Anchor mining projects in sound regulation and strong environmental and social standards.
• Mobilize significant private investment.
• Link projects directly to jobs, growth, and sustainable infrastructure.

Building on this track record and responding to client demand, we are embarking on a new approach to metals and minerals. World Bank Group support on metals and minerals in developing countries is expected to grow by five times in the next five years.

In countries with strong geological potential, we will deliver by focusing on three core pillars:

1. Strengthening policies and governance.
2. Investing in enabling and resilient infrastructure.
3. Mobilizing responsible private capital across the full value chain, from extraction to processing and manufacturing, to deliver jobs and value addition in countries.

Our focus is clear: help countries transform geological potential into tangible development outcomes, ensuring benefits reach local communities.

Over the past 12 months, we successfully partnered with FMF stakeholders to shape early financing concepts and identify priority needs, with plans to expand in 2026 alongside partners such as the Kingdom of Saudi Arabia, and a variety of client countries.

Through our G7+ partnership, RISE (Resilient and Inclusive Supply Chain Enhancement), we provide analytics and advisory services to mineral-rich countries in areas including smelting, refining, energy technology manufacturing, and infrastructure. Active in five regions, RISE has helped mobilize $700 million in mining and processing investments in Africa.

And it's just the beginning.

Looking forward, our mandate is clear: translate strategy into action through country-led reforms, investment-ready projects, and strong partnerships, guided by a single, non-negotiable principle: responsible development.

All World Bank Group investments meet the highest environmental and social standards, aligned with global best practice.

Partnerships

Finally, none of this can be achieved without partnerships:

• Governments must create an enabling environment and share benefits equitably.
• Private sector must invest and innovate responsibly.
• Civil society ensures accountability and community engagement.
• Multilaterals, including the WBG, convene these actors, provide finance and technical support, and uphold global standards.

In closing, I would like to thank the Kingdom of Saudi Arabia's leadership through the Future Minerals Forum. The World Bank Group has partnered with the Future Minerals Forum since its very first conference four years ago, and this collaboration continues to grow in depth and impact.

As we move forward, our shared goal must be simple yet ambitious: use mineral wealth to generate growth, create jobs, and build diversified, resilient economies, all while meeting the highest environmental and social standards.

I highly welcome today's discussion and the opportunity to advance this work together with integrity, ambition and a shared purpose.

Thank you.