Engineer Khaled Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, confirmed that the Kingdom has taken steps to develop the mining sector, achieving record revenues in 2021, amounting to 727 million riyals, and succeeded in attracting investments worth 30 billion riyals, in addition to working to stimulate additional investments worth 120 billion riyals. A number of projects are currently being completed.
During his participation in the African Mining Conference “Indaba”, which will be held in Cape Town from May 9 to 12, he directed the conference participants, companies, and those interested in the mining industry, to work together to overcome the challenges facing the sector to make the most of the rich geological potential to create a vibrant mining sector Live, successful and sustainable.
He pointed out that within the framework of Vision 2030, visions and programs have been developed to develop the mining sector to become the third pillar of the Saudi industry, in addition to approving the comprehensive strategy for mining and metallurgical industries, which was built on 4 pillars: launching the regional geological survey program, to provide and disseminate geophysical and geochemical data to reduce risks Investment, and providing a favorable investment environment, by developing the legal and regulatory framework for mining in the Kingdom, reviewing environmental, social and corporate governance practices, working to reach integrated value chains, providing support and providing incentives of up to 90% for investors.
He added that the successes witnessed by the sector are based on a variety of advantages prepared for potential investors, such as the high domestic demand for mineral products, the Kingdom’s geographical location near global economic markets, as well as its location in the middle of the Middle East, Asia, Africa and Europe.
He explained that the value of untapped minerals in the Arab Shield alone is estimated at 1.3 trillion dollars, noting that the Kingdom is rich in various types of minerals, including those used in the manufacture of technologies necessary to build a sustainable future, for which the demand is increasing dramatically, including copper, phosphate, iron ore, and many other minerals. Rare earth minerals, pointing out that the recently launched National Geological Database provides online access to the equivalent of 80 years of geological, geophysical, and geochemical data, including thousands of detailed reports on mining goals and prospects.