Maaden allocates SAR 253 mln for mineral exploration in 2019: CEO

Saudi Arabian Mining Co. (Maaden) has earmarked SAR 253 million ($67 million) for mineral explorations this year – the biggest budget in the Kingdom’s mining sector, president and chief executive officer Darren Davis said in a statement on Wednesday.

The allocations – which are three times higher than the average annual expenditure on mining and exploration activities - come as part of the licenses won earlier by Maaden in various promising and remote areas across the Kingdom.

Maaden’s operations including exploration business are based on a full-fledged strategy that focuses on training national human cadres and enhancing explorations efficiency.

“The company is also studying local and global investment opportunities, and is seeking to add new business activities to its portfolio,” Davis added.

“The new allocations will also help the mining industry boost its contribution to the Kingdom’s gross domestic product and provide thousands of job opportunities, in line with Saudi Vision 2030,” he noted.