Mining industry holds potential to contribute to national economy — experts

(File photo: Jordan News)
AMMAN — Corporate executives in the mining sector highlighted the Kingdom’s immense potential for contributing to the nation’s economy. The sector, they said, could promote growth, job creation, global competitiveness, and industry diversification. اضافة اعلان

During the fourth annual conference for French-Speaking Business Owners, held in the Dead Sea, the “Investment Horizons in the Mining Sector” panel, industry experts project a thriving mining sector in the near future.

They anticipate increased demand from industrial, agricultural, and technology-driven sectors to fuel this growth, according to the Jordan News Agency, Petra.

The Kingdom’s mining sectorCurrently, the mining sector contributes 2.2 percent of the GDP, amounting to JD700 million, with expectations of reaching JD2.1 billion within the next decade.

With over 9,000 current employees, it accounts for 0.6 percent of the Kingdom’s workforce.

Projects suggest that this number will surge to 27,000 employees over the next ten years.

Meanwhile, sector exports currently stand at approximately JD1 billion with an expectation to increase up to JD3.4 billion, in line with the vision for economic modernization.

The conferenced, organized by the Jordanian Businessman Association, in collaboration with a consortium of French-speaking entrepreneurs, gathered 200 people from various fields, such as business, investment, and economic experts.

Local, regional, and global companies were also represented.

Abundant minerals and natural resourcesAbdul Wahhab, CEO of the Jordan Phosphate Mines Company (JPMC), emphasized the significant role of the mining sector as one of Jordan’s largest industries, making substantial contributions to the national economy.

He said that the Kingdom has an abundance of mineral and natural resources, particularly phosphates. He added that the 60 percent of JPMC’s output is earmarked for exported, while the rest is used by local enterprises.

Rawad outlined the company's objectives, which include boosting domestic consumption through manufacturing industries and expanding within the country.

He expressed that the company’s intention is to establish partnerships and leverage investment opportunities, specifically with Turkey and India, highlighting the significant investment potential in the Kingdom’s unique phosphate sector.

Rawad expressed confidence in Jordan's potential to achieve global recognition in various industries, especially phosphoric acid production. He mentioned a study on forming a joint manufacturing company with the Arab Potash Company and committed to launching the aluminum bromide project.

Environmental considerationsThe CEO highlighted the company's strong focus on environmental considerations, citing the JD32 million rehabilitation of the Rusaifa mines into gardens and the restoration of the gypsum mountain in Aqaba.

Rawad acknowledged the high-water consumption in the phosphate washing process and revealed plans to establish a water recycling project for use in the company's other industries.

Participants emphasized the need to incentivize investment in the mining sector, given the abundant mineral resources and the importance of energy price reviews and incentives.

A 10-year planMaen Ensour, CEO of the Arab Potash Company, confirmed the mining sector's significance in the vision for economic modernization.

He noted ongoing collaboration between sector companies and the Ministry of Energy and Mineral Resources to develop a ten-year plan aimed at elevating companies' contributions to the national economy and profitability.

Ensour discussed the pivotal role of Jordanian mining companies in enhancing the national economy, improving living standards, creating employment opportunities, fostering regional and global competitiveness, and developing human capital.

He disclosed plans by the potash company to generate knowledge, develop products, manufacture new ones, and enter new markets, considering that Jordan ranks sixth globally in potash production.

Ensour shared the company's intentions to establish a chemical and fertilizer research center in partnership with an American university and attract Jordanian expertise in the field. The project is expected to be completed within two years.

The CEO emphasized the company's current focus on high-value industries and the upcoming announcement of advanced industries relying on local raw materials.

Read more National news
Jordan News