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Oil giant Saudi Arabia has set a target to boost its minerals industry by 10 times after it began enforcing a new law intended to attract investors in the sector, according to the Saudi Industry and Mineral Resources Ministry.
In a report by the Saudi Okaz Arabic language daily on Tuesday, the Ministry said it had identified more than 5,300 sites, which includes active ones, for metals reserves through the Gulf Kingdom.
The report said the reserves have an estimated value of at least 5 trillion riyals ($1.3 billion) and that they cover gold, silver, copper, zinc, phosphates, granites, and bauxite.
It showed the Kingdom, which controls the world’s second-largest proven oil deposits, produces nearly 409,000 ounces of gold per year and at least 4.9 million tonnes of bauxite, which is used to produce nearly one million tonnes of aluminum per year.
Copper and zinc production is estimated at around 68.000 tonnes and phosphates at 24.6 million tonnes per year, the report showed.
“The Kingdom’s strategy for the minerals sector is aimed at boosting the production of gold, copper, and other basic metals by ten times compared with the current production level,” the report said.
In 2021, Saudi Arabia approved a new law to open up its minerals sector to domestic and foreign investors, some of whom have already been awarded contracts.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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