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Saudi Arabia has launched what it described as an accelerated mining exploration initiative and invited investors to take advantage of the new opportunities.
Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef unveiled the new initiative while visiting a new mine site near the capital Riyadh.
Khorayef said the Ministry has just issued tenders for the “Khanikiya” mining site as part of “Vision 2030” economic diversification strategy.
“This initiative ushers in a new phase in our drive to exploit the Kingdom’s massive mineral resources through the new mining investment law,” the Minister said, quoted by the official Saudi news agency on Sunday.
He said the “accelerated mining exploration” initiative is intended to attract “quality” investment into the sector and boost spending in exploration activities, adding that several sites would be offered to investors shortly.
“This initiative will allow the Kingdom to find suitable exploration partners and to guarantee growth and investment in the mining industry in the long term,” he added.
In recent press comments, quoted Industry and Mineral Resources Ministry Undersecretary Saleh Al-Okail said Saudi Arabia aims to attract nearly 115 billion Saudi riyals ($30 billion) in investment into its mining industry by 2025.
Okaili said the Ministry expects a large number of local and foreign companies to apply for investment in the mining sector, adding that licenses granted to investors would include areas of up to 100 square kilometre each.
Revenues from mining operations exceeded 5 billion riyals ($1.3 billion) in 2020 and are expected to double by 2030, Okaili said, adding that the Ministry also aims to quadruple the sector’s contribution to GDP to nearly 267 billion ($76.5 billion) in 2030.
In late 2020, oil giant Saudi Arabia approved a new mining investment law, which aims to open the Gulf Kingdom’s metals industry, officially estimated at more than 5 trillion Saudi riyals ($1.3 trillion).
(Writing by Nadim Kawach; Editing by Anoop Menon)
