Saudi Arabia plans to auction three mining licenses this year, 2022, including the Al-Khenaiqiyah mines, where zinc and copper deposits are estimated at 26 million tons, while looking to attract $170 billion in investments in the sector by 2030.<\/p>\n\n\n\n
This came according to what was announced by Bandar Al-Khorayef, Minister of Industry and Mineral Resources, as licenses will be granted under a new mining law that took effect in January 2021 and aims to accelerate foreign investment in the sector as part of efforts to diversify the economy.<\/p>\n\n\n\n
And the autumn said: “Kheneqiah will be the first.”<\/p>\n\n\n\n
The process of submitting the offering will start by the end of the current quarter or the beginning of the second quarter, noting that the offering process, including the pre-qualification stage, will take about six months, and that two licenses for two other sites will also be offered.<\/p>\n\n\n\n
With regard to investments, Minister Al-Khorayef explained that the Kingdom seeks to attract investments worth $170 billion in the mining sector by 2030, taking advantage of the increasing global demand for minerals.<\/p>\n\n\n\n
He pointed out that the amount is large, but stressed that minerals are gaining increasing importance for the development of the energy sector and manufacturing industries, and industries including cars.<\/p>\n\n\n\n
He explained that the investment will come from foreign and local companies, including the state-owned mining company Ma’aden, explaining that the investments would raise the sector’s contribution to the Kingdom’s GDP to $64 billion annually during this decade, and this is four times the current contribution of 17 billion. dollar.<\/p>\n\n\n\n
The government estimates the value of untapped mineral resources in the Kingdom at about five trillion riyals ($1.33 trillion).<\/p>\n","protected":false},"excerpt":{"rendered":"
Saudi Arabia plans to auction three mining licenses this year, 2022, including the Al-Khenaiqiyah mines, where zinc and copper deposits are estimated at 26 million tons, while looking to attract $170 billion in investments in the sector by 2030. This came according to what was announced by Bandar Al-Khorayef, Minister of Industry and Mineral Resources, […]<\/p>\n","protected":false},"author":1,"featured_media":5538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n