Saudi Arabia’s mining sector is undergoing significant transformation, attracting $32 billion in investments for projects in iron, phosphate, aluminium, and copper, according to His Excellency Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, as reported by Asharq Business.
This amount represents nearly one-third of the Kingdom’s $100 billion investment goal for the sector by 2030. Since 2018, spending on mineral exploration has quadrupled, reaching $100 per square kilometer and growing at an annual rate of 32 percent, which far exceeds the global average of 6 to 8 percent.
His Excellency Khalid Al-Mudaifer highlighted that foreign companies make up about 70 percent of all mining firms operating in Saudi Arabia. The government has also invested over 1 billion Saudi riyals in a geological survey covering 630,000 square kilometers, leading to a revised estimate of mineral reserves now valued at more than $2.5 trillion, up from $1.3 trillion five years ago.
By the end of the year, the Ministry plans to launch new exploration tenders for an additional 50,000 square kilometers. These efforts underscore the Kingdom’s commitment to developing its mining industry and attracting further international investment.
