Saudi new mining investment law 'positive', will accelerate investments, says Maaden CEO

The new mining investment law will reflect positively on Saudi Arabian Mining Co. (Maaden), as it enhances governance and boosts transparency especially as regards the levied tariffs, Al Arabiya TV reported, citing Maaden Chief Executive Officer, Mosaed Al Ohali.

"Such robust governance will accelerate Maaden's investments growth in the mining industry, as the new law supports exploration and geological survey activities, and hence sheds more light on these investments’ economic feasibility," stated Al Ohali.

He further explained that geological surveys are costly, whereas the new law allows non-producers to conduct these surveys, which helps the company enhance the value of investments and better use its resources.

"Maaden is eyeing an optimal implementation of the law to increase its investments," said Al Ohali, adding that Maaden has helped the concerned entities in drafting the new law.

Last week, the Saudi Cabinet approved the new mining investment law, Argaam reported.