The Kingdom of Saudi Arabia is set to bolster its mining sector, with anticipations of burgeoning investment opportunities earmarked for 2024.
In the sector’s fifth exploration phase, attention will be centered on six distinct sites, where the focus will be on unearthing gold, copper, and zinc, covering an expanse of 940 square kilometers.
Abdulrahman AlBelushi, the Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources, shared with media sources that the ministry has authorized over 500 exploration licenses thus far.
He noted that exploration activities have experienced significant advancements, setting the stage for the development of new mines year after year.
The strides made in this sector are largely attributable to the revision of mining investment regulations, according to AlBelushi.
He further highlighted the estimated value of Saudi Arabia’s mining resources, which stands at a staggering SAR9.6 trillion (around USD2.5 trillion).
AlBelushi emphasized the strategic importance of leveraging this mineral wealth to bolster national industries, which in turn could spur the growth of industrial cities, particularly in sectors like automotive and aerospace.
Discussing the Arabian Shield region, he mentioned that the Saudi Geological Survey has conducted comprehensive geophysical and geochemical studies to uncover the area’s full potential.
Efforts are being made to produce detailed maps from these studies, thus facilitating further exploration.
With its vast mineral reserves, Saudi Arabia is committed to deploying every available method to explore and exploit these resources, underscoring the country’s dedication to expanding its mining sector and the modern geological surveys covering 600,000 kilometers of the Arabian Shield.
