Minister of Industry and Mineral Resources: Estimates of the value of mineral wealth in the Kingdom have increased by 90% to more than 9 trillion riyals.
His Excellency the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, announced that the value of the Kingdom's estimated mineral resources has increased by 90%, reaching the equivalent of 9.375 trillion riyals, compared to the estimated 5 trillion riyals announced in 2016. Alkhorayef emphasized that this increase reflects additional quantities, including new discoveries of rare earth elements and transition metals, in addition to significant increases in phosphate ore and other minerals such as copper, zinc, gold, and others. The increase also includes a reassessment of fair prices. His Excellency indicated that the announced results are the result of the efforts made over the past years in exploration and geological mining surveys, in addition to the significant efforts in issuing mineral exploration licenses, which have quadrupled over the past three years compared to the number of licenses during the six years preceding the issuance of the new Mining Investment Law. This law contributed to raising exploration spending from 70 riyals to 180 riyals per square kilometer, which confirms the feasibility of investing in mining exploration operations. The Ministry of Industry and Mineral Resources announced the completion of 30% of the geological survey work in the 700,000 square kilometer Arabian Shield region. The results will be available on the National Geological Database, with a volume estimated at more than 10 terabytes, to serve as an incentive for mining investment. The Geological Survey General Program initiative aims to improve the quality of data and the accuracy of geological maps to enhance and facilitate the exploration of mineral resources in the Kingdom and achieve optimal exploitation. This initiative will contribute to the development of the new mining investment system, making the mining sector the third pillar of national industry in the Kingdom, in accordance with the objectives of the comprehensive strategy for mining and mining industries and the National Industrial Development and Logistics Program.