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Saudi Arabia Appoints 4 International Consultants For Mining Project

A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
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Saudi Arabia Appoints 4 International Consultants For Mining Project

A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi

A Saudi official revealed the signing of agreements with four international consultants to implement the projects of the General Program for the Geological Survey.

Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Geological Survey, Bandar bin Ibrahim Al-Khorayef, visited the headquarters of the Geological Survey Authority in Jeddah to review the progress of the eight initiatives currently undertaken by the SGS.

Eng. Abdullah Al-Shamrani, CEO of the SGS, noted that the authority enjoyed scientific expertise and technical capabilities that help it carry out procedures, studies and research, as well as advanced technical geological surveys, which produce a high-accuracy geological database that supports aspects of local and international investment in the field of mining.

He noted that the SGS has signed four contracts with international experts and consultants, who will work with the authority to implement the projects of the General Program for Geological Survey, which is one of the most important initiatives of the comprehensive strategy for mining.

The current project stage is very important, according to Al-Shamrani, as it aims to survey about 600,000 square kilometers of the mineral-rich Arab Shield area - west of the Kingdom.

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Bitcoin Soars Past $109,000 Ahead of Possible Early Action on Crypto by Trump

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Soars Past $109,000 Ahead of Possible Early Action on Crypto by Trump

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

The price of bitcoin surged to over $109,000 early Monday, just hours ahead of President-elect Donald Trump’s inauguration, as a pumped up cryptocurrency industry bets he'll take action soon after returning to the White House.
Once a skeptic who said a few years ago that bitcoin “seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He's launched a new cryptocurrency venture and vowed on the campaign trail to take steps early in his presidency to make the US into the “crypto capital” of the world.
His promises including creating a US crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.
Bitcoin is the world’s most popular cryptocurrency and was created in 2009 as a kind of electronic cash uncontrolled by banks or governments. It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in wild fits and starts.
The highly volatile nature of cryptocurrencies as well as their use by criminals, scammers and rogue nations, has attracted plenty of critics, who say the digital currencies have limited utility and often are just Ponzi schemes, The Associated Press reported.
But crypto has so far defied naysayers and survived multiple prolonged price drops in its short lifespan. Wealthy players in the crypto industry, which felt unfairly targeted by the Biden administration, spent heavily to help Trump win last November’s election. Bitcoin has surged in price since Trump's victory, topping $100,000 for the first time last month before briefly sliding down to about $90,000. On Friday, it rose about 5%. It jumped more than $9,000 early Monday, according to CoinDesk.
Two years ago, bitcoin was trading at about $20,000.
Trump’s picks for key cabinet and regulatory positions are stocked with crypto supporters, including his choice to lead the Treasury and Commerce departments and the head of the Securities and Exchange Commission.
Key industry players held a first ever "Crypto Ball” on Friday to celebrate the first “crypto president." The event was sold out, with tickets costing several thousand dollars.