Bandar Al-Khar, the Saudi Minister of Industry and Mineral Resources, announced today, Wednesday, that the Kingdom intends to present more than ten mining licences to foreign investors as it seeks to grow the mining industry and diversify its economy away from hydrocarbons.
In a lecture at the International Conference on Mining and Resources in Sydney, the minister also mentioned that the Kingdom will publish information on 10 additional opportunities next year in addition to the five new exploration sites that are open for exploration licences.
“Given its strategic location in the heart of the Middle East, Asia, Africa, and Europe, and with the existence of will, infrastructure, and high local demand for minerals, the Kingdom of Saudi Arabia can be a major contributor to the growth of the mining sector,” the minister said to an audience of miners, leaders, and energy experts.
The fall explained that the government estimates the non -exploited mineral resources in the Kingdom at about five trillion riyals (1.
33 trillion USD), including vast quantities of uranium, gold, copper, aluminium, and phosphates.
This Monday, the Saudi Ministry of Industry and Mineral Resources announced plans to issue additional exploration licences for Mount Edas, Umm Hadid, Redina, and Jabal Al-Ziba.
Riyadh’s efforts to build an irreplaceable economy involve the shift towards exploring the unexploited reserves of many resources in the country.
The Kingdom is reportedly intending to switch from exploration and extraction to treatment and manufacture, according to the fall.
The state intends to participate in the quickly expanding electric car industry, he continued, “With the help of our increasing supply of renewable energy at affordable costs, our objective is to become a pioneering centre for refining and treating green materials.”
More than ten permits to search for minerals will be available from Saudi Arabia.
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