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KSA Concludes Contracts Worth $550 Million to Explore Minerals

KSA Concludes Contracts Worth $550 Million to Explore Minerals

Monday, 19 October, 2020 - 09:45
Bandar Alkhorayef, Minister of Industry and Mineral Resources (Asharq Al-Awsat)

The Saudi Geological Survey (SGS) on Sunday signed four contracts with international experts and consultants to implement projects related to the general geological survey program, so that the mining sector, along with oil and petrochemicals, contribute to local development.

Bandar Alkhorayef, the Minister of Industry and Mineral Resources, said that the new contracts constituted a fundamental step on the road to building the future of the Saudi mining industries.

“Since its inception, Vision 2030 has focused on transforming the Kingdom into a diversified and strong economy, and many workshops have been held to create appropriate opportunities in this direction. The ambitious vision chose the mining sector as one of the most important targeted sectors,” Alkhorayef said during the signing ceremony.

The minister added that the program would ensure gathering more reliable and accurate data about the Kingdom’s mineral resources, which would help the relevant authorities tap into the vast mineral wealth and lay a solid foundation for a sustainable national economy.

The value of the signed contracts amounts to around $550 million. About 500 Saudis will participate with international experts in this giant project, which will extend over six years and cover an area of 600,000 km of the mineral-rich Arab Shield in western Saudi Arabia.

For his part, Eng. Khalid Al-Mudaifer, Chairman of SGS, said that the Kingdom was working on reshaping the mining sector to be one of the pillars of the national economy in order to contribute to the diversification of economic resources, support comprehensive development and generate new jobs.

In a statement, the SGS said one of the contracts includes a technical partnership deal with a consortium including International Geoscience Services Co. and Geological Survey of Finland, while a multi-component geochemical survey contract for the Arabian Shield has been awarded to China Geological Survey.

The SGS awarded the contract for advanced aerial geophysical survey contract for Sector No. 1 of the Arabian Shield to Sander Geophysics Ltd. Three contracts were awarded to Xcalibur Airborne Geophysics to carry out advanced aerial geophysical survey of sectors 2 and 3 of the Arabian Shield.

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