Saudi Arabia approves SAR 15 bln mineral exploration program: official

Saudi Arabia has tentatively approved a SAR 15 billion exploration program to confirm

the existence of mineral resources, ahead of offering them for investment, Khalid Al-

Mudaifer, Deputy Minister of Energy, Industry and Mineral Resources for Mining, told

Argaam.

The ministry has prepared 42 initiatives related to exploration works, including the accelerated exploration program covering 600,000 kilometers, the world’s largest program of its type, he said on the sidelines of the launching ceremony of the National Industrial Development and Logistics Program (NIDLP).

There are four investment opportunities ready for investors, he said.

The Kingdom’s gold resources are valued at $223 billion, while copper reserves are close to that figure. Zinc reserves are also large, as well as uranium, aluminum and bauxite, he said.

The ministry has finished the mining system and referred it for the royal approval.

The mining strategy is based on transparency, ease of business and digital transformation, he said, pointing out that the ministry issued today the first electronic license to an investor.