Saudi Arabia has just revealed a valuable mining discovery underground, worth more than SAR 9.3 trillion ($2.5 trillion).
This nearly doubles the 2016 estimates of SAR 5 trillion ($1.3 trillion).
The newfound mineral wealth is being compared to a new oil, indicating a substantial and lasting boost for the Kingdom’s future economy.
During the opening of the third Future Minerals Forum held in Riyadh this week, Minister of Industry and Mineral Resources, Bandar Alkhorayef, shared this news in the presence of representatives from 79 countries.
The Saudi government is working to make the mining sector a major player in the national economy.
To achieve this, they've adjusted laws and regulations to encourage more investments and attract capital towards reaching these ambitious goals.
Alkhorayef confirmed that new findings include rare earth elements, transitional metals, and significant rises in the amounts of phosphate ore and other minerals like copper, zinc, and gold.
He highlighted that the announced results are a result of efforts in recent years in exploration and mining surveys.
This includes substantial work in issuing mineral exploration licenses, which have quadrupled in the last three years compared to the six years before the new mining investment system.
With more exploration investments, Saudi Arabia can reach the maximum capacity of its mineral resources, said Alkhorayef.
Saudi Arabia made several industry achievements, and will announce, in cooperation with the Ministry of Investment, a mineral exploration incentive program with a budget of over $182 million, which will eliminate the related risks and further ensure providing the new commodities via green mining projects.
Additionally, rounds five and six of the licensing program will be launched, allowing for the exploration of 33 sites over this year, while providing opportunities for more green initiatives.
Alkhorayef also indicated that exploration activities started in Jabal Sayid, spanning 4,000 square kilometers.
