Mining sector revenue doubled in 2022; 6 sites likely to be offered this year: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Investments in the mining sector amounted to nearly SAR 32 billion in 2022, while revenues doubled during the same year, Minister of Industry and Mineral Resources, Bandar Alkhorayef, told Argaam  on the sidelines of the second Future Minerals Forum held in Riyadh. 

He added that aspirations are still great. 

This promising sector is witnessing a great renaissance, Alkhorayef said, indicating that the Kingdom aims to make the sector a third pillar in the economy and diversification of income. 

The country has a pioneering experience in auctions and mining licenses, the minister said, noting that the Kingdom plans to offer five to six sites in 2023. 

The geological survey is very important and is dealt with through three tracks. The first is the accelerated survey that focuses on areas about which information is available, while the second is the complete survey of the Arabian Shield that takes six years, and the results of two years have already materialized. As for the third track, it is the automation of all available data over the past 80 years to be available to investors in a digital form. 

The forum made the Kingdom, in general, and Riyadh, in particular, an important hub for attracting investors from all over the world to the Kingdom. This event is a major opportunity, as it gathers stakeholders, including governments, mining and financing companies, as well as research and educational centers to discuss the opportunities and challenges facing the sector. They also work to ensure the availability of minerals in the future.