Saudi Arabia Doubles Estimate for Mineral Reserves
Saudi Arabia has nearly doubled its estimate for the value of its mineral resources, which include gold, copper, phosphate, and rare earth elements. The untapped mineral reserves are now valued at $2.5 trillion, up from a previous estimate of $1.3 trillion in 2016. This announcement was made during Saudi Arabia’s Future Minerals Forum held in Riyadh.
Lucrative Deals Signed at the Minerals Forum
The Saudi government announced that $20 billion in deals would be signed at the annual minerals forum. The country has implemented recent reforms to its laws and business practices, which have attracted significant investment. The mining minister highlighted the revamping of the investment law and the issuance of thousands of licenses as key factors contributing to this windfall.
Progress in Exploration and Mining
Saudi Arabia has developed 33 new exploration sites for mining and plans to award more than 30 mining exploration licenses to foreign investors by 2024. These efforts align with Saudi Arabia’s Vision 2030 program, aimed at diversifying the economy away from oil and creating more job opportunities.
Optimism Towards Vision 2030 Goals
The mining minister expressed optimism about achieving the goals set by Vision 2030. While sectors like tourism may show quicker results, mining is seen as a crucial industry to move away from hydrocarbon reliance. The minister emphasized the importance of accelerating projects and meeting investors’ needs. Saudi Arabia has also introduced a mineral exploration incentive program with a budget of over $182 million to further support the sector’s growth.
Hot Take: Saudi Arabia’s Push for Mining Expansion
Saudi Arabia is making significant strides in expanding its mining industry and attracting foreign investment. With the doubling of its mineral reserves estimate and the signing of lucrative deals at the minerals forum, the country is positioning itself as a global mining player. The progress aligns with Saudi Arabia’s Vision 2030 goals of diversifying the economy and creating more job opportunities. The government’s reforms and investment in exploration sites demonstrate its commitment to this sector. As Saudi Arabia continues to develop its mining industry, it has the potential to unlock new sources of wealth and reduce dependence on oil.
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