Saudi mining investments exceed SAR 250 bln until 2021: Official

Ibrahim Nazer, Head of the Federation of Saudi Chambers' National Mining Committee

The Saudi mining sector’s investments were valued at more than SAR 250 billion until 2021, Ibrahim Nazer, Head of the Federation of Saudi Chambers' National Mining Committee, told Argaam.

The comprehensive mining strategy has 42 initiatives, of which the Mining Investment Law, the Mining Portal, the Arabian Shield exploration initiative, the accelerated exploration program and license tender for sites, such as Khnaiguiyah mining site, the first site to be offered to investors.

The Kingdom has mineral resources of over SAR 5 billion, such as the Arabian Shield, and industrial minerals, Nazer said, calling for optimal utilization of these resources.

The National Mining Committee plays a positive role in linking the public and private sectors to realize Vision 2030 and place the mining industry as the third pillar of the national economy.

A total of 1,600 exploration licenses were granted, Nazer affirmed, noting that the number of permits is more important than the number of players, as it shows the sector activity.