Saudi Ministry of Industry, Ministry of Finance working on drafting mining fund regulations

Ministry of Industry and Mineral Resources

Saudi Arabia's Ministry of Industry and Mineral Resources stated that it is working with the Ministry of Finance to prepare the regulations of the mining fund that aims to support the objectives of the comprehensive strategy of mining, Al Eqtisadiah newspaper reported.

The ministry indicated that the main objective of establishing the fund is to find sustainable sources of finance to develop and support the mining industry.

It also said the National Industrial Development and Logistics Program (NIDLP) adopted the initiative to establish a fund to support the mining sector. The initiative will last 24 months, starting from the end of the second quarter of 2021.

The ministry estimated the value of mining investments at about SAR 3.9 billion in 2020, noting that it aims to invest SAR 115 billion by 2025.

In August, Khaled Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources, said Saudi Arabia conducted detailed studies to determine the size of the mineral deposits in the Kingdom and initial data revealed that the mineral deposits are estimated at approximately $1.3 trillion, Argaam earlier reported.