Saudi news

Mining sector investments in Saudi Arabia exceed 120 billion riyals

Deputy Minister of Industry and Mineral Resources for Mining Affairs in Saudi Arabia, Khaled Al-Mudaifer, said that three of the largest international companies are visiting Saudi Arabia for the first time during the mining conference.

Al-Mudaifer stressed, in an interview with Al-Arabiya on the sidelines of the mining conference in Saudi Arabia, the importance of the conference in defining the mineral resources in Saudi Arabia, noting that half of the attendees were non-Saudis interested in investment opportunities in this sector.

He pointed out that the aim is to attract investments to the mining sector, because it is the economic participation that will create jobs and social development for remote areas.

He stated that there are more than 120 billion riyals ($32 billion) of investments in the metal industries in Saudi Arabia, in industries such as iron, aluminum and chemicals required for car batteries.

Al-Mudayfer revealed that there is interest in the auctions that the ministry is working on to develop information on key sites in the Kingdom, especially in mineral resources such as copper, zinc and critical minerals required in the future.

He said that two licenses were completed last year, while 4 licenses are expected to be delivered this year, pointing out that the year 2022 witnessed remarkable interest from 20 companies to obtain exploration licenses, half of them from outside the Kingdom.

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