22 Dec 2022; MEMO: The Saudi Arabian Ministry of Industry and Mineral Resources has announced that the Kingdom's mineral wealth is now valued in excess of $1.3 trillion, including deposits of copper, zinc, phosphates, uranium and gold, the Saudi Press Agency has reported. The announcement was made in an online meeting organised by the ministry's Assistant Undersecretary for Investment Development, Turki Al-Babtain, with a group of British investors on Tuesday.
Al-Babtain reviewed the investment opportunities in Saudi Arabia as well as the infrastructure offered to investors in the mining sector. He said that the Kingdom is working to provide an attractive investment environment in the sector, through the new mining investment system which provides clear and fair legislation for investors, in order to achieve maximum benefit from its mineral resources.
According to the ministry official, the Saudi mining strategy is based on four important pillars: launching a regional geological survey programme to provide and publish geophysical and geochemical data to reduce investment risks; providing a favourable investment environment, through the development of a legal and regulatory framework for mining in the Kingdom; reviewing environmental, social and corporate governance practices; and working to reach integrated value chains.
Saudi Arabia has doubled its interests in the mineral sector, with investments of over $50 billion in recent years.
In early November, the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, announced that the Kingdom plans to offer at least ten mineral exploration licences to international investors. He added that 145 licences have been issued so far, and the country has witnessed a 27 per cent year-on-year growth in mining revenue.
