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Ore trucks in an open-pit mine. Saudi Arabia largest gold mine, Largest Open pit mines in the Saudi Arabia, Heavy machinery working in the gold mines. Image used for illustrative purpose. Getty Images
Saudi Arabia is planning to invest nearly 8.5 billion Saudi riyals ($2.26 billion) in gold and phosphate production projects in 2025, a newspaper reported on Tuesday.
The state-owned mining company Maaden will pump the investments in these projects which aim to develop the resources of these metals, Almal newspaper said.
The projects are part of long-term plans drawn up by the Gulf Kingdom to develop its mining sector as part of Vision 2030, it said.
Saudi Arabia already controls nearly 323 tonnes of gold reserves in local and foreign banks, the largest in the Arab world and the 18th worldwide.
The report said the value of these reserves and that of gold and other metals underground is estimated at more than $2.5 trillion.
“Saudi Arabia’s mining sector is set for rapid growth thanks to the large investments in the sector….since 2019, the Industry and Mineral Resources Ministry has issued 477 exploration licenses and more permits are in the pipeline,” the report said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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