Saudi Arabia has revised its estimate of untapped mineral resources, including phosphates, gold, and rare minerals, to a staggering $2.5 trillion, a significant increase from the previous estimate of $1.3 trillion in 2016. This announcement was made during the Future Minerals Forum in Riyadh, which was attended by representatives from over 79 countries and held under the patronage of King Salman bin Abdulaziz, the Custodian of the Two Holy Mosques.
According to Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, the country’s reserves potential has now grown by 90 percent, resulting in a $1.2 trillion increase. This includes both existing minerals such as phosphates and new ones like rare earth minerals. Notably, 10 percent of the increased estimate is attributed to the inclusion of valuable rare metals used in electric vehicles and advanced technology products.
"Our new estimation for the Kingdom’s untapped mineral potential has surged from $1.3 to $2.5 trillion, marking a remarkable increase of 90%." – H.E @BAlkhorayef, Minister of #Industry_and_Mineral_Resources, during his #FMF24 welcoming address.#FutureMineralsForum pic.twitter.com/6OflH5sZRr
— مستقبل المعادن | FUTURE MINERALS (@FutureMineral) January 10, 2024
Read more: Riyadh’s Future Minerals Forum 2024: Shaping the sector’s future
To further develop its mineral resources, Saudi Arabia plans to issue more than 30 mining exploration licenses to international investors in the current year. Additionally, the country has already signed mining deals worth SAR75 billion, and it has allocated $182 million to its mining exploration program.
New regulations to promote exploration
In an effort to facilitate exploration activities, the Ministry of Industry and Mineral Resources will introduce new regulations that will offer over 2,000 kilometers of exploration space per license. Riyadh began granting licenses to international mining companies in 2022 as part of its broader strategy to diversify the economy away from heavy reliance on oil. Mining, particularly the exploitation of vast reserves of phosphate, gold, copper, and bauxite, plays a crucial role in this economic diversification plan.
One of the key players in Saudi Arabia’s mining sector is the Saudi Arabian Mining Company (Ma’aden), which was established in 1997 and is involved in the production of these minerals.
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