Saudi Arabia announced five new mining opportunities for exploration sites across the Kingdom that contain copper, zinc, silver, and lead for local and foreign investors.
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef announced the five new explorations sites: Bir Umq, Ar Ridaniyah, Umm Hadid, Jabal Sahabiyah, and Jabal Idsas, which are located within the mineral-rich Arabian shield.
Bir Umq, located in the Hijaz geological terrain, with more than 187 sq km exploration area, boasts copper and zinc deposits. Ar Ridaniyah, situated in the al-Dawadmi geological terrane, spans more than 78 sq. km of exploration area and includes zinc ore deposits.
AlKhorayef explained that Umm Hadid, located in the Afif geological terrain, stretches more than 246 sq. km exploration area amd includes significant deposits of silver, lead, zinc, and copper.
Jabal Sahabiyah, in the Asir geological terrane, has zinc, lead, copper, and iron, while Jabal Idsas, located in the Ar Rayn geological terrain, spans more than 121 sq. km exploration area with rich deposits of iron ore, he noted.
The announcement of new mining investment opportunities is part of Saudi Arabia’s "Accelerated Exploration" initiative.
The Ministry of Industry and Mineral Resources announced the initiative earlier this year to increase the contribution of the mining sector to the GDP to $64 billion by 2030.
It aims to diversify the economic base in the country and for mining to be the third pillar of the national industry.
The ministry said it would launch the bidding process later for the five sites to ensure the application of the mining investment law and achieve justice and transparency in mining competitions in Saudi Arabia.
It hoped that the process will ensure the integration of the legislative environment with policies and infrastructure and provide an attractive environment for local and global investments.
Saudi Arabia has achieved many of its goals after the transformation witnessed by the mining sector following Vision 2030, as it was able to attract $8 billion from foreign direct investment and issued 145 licenses.
The Kingdom aims to attract new investments worth $32 billion in mining and mineral production through nine projects.
Meanwhile, the Ministry of Industry and Mineral Resources held a showcase in Australia under "Invest Saudi" in collaboration with the Saudi Australian Business Council.
Deputy Minister for Mining Development at the Ministry of Industry and Mineral Resources Musad al-Daood inaugurated the event.
The showcase highlighted and promoted investment opportunities and the capabilities of the Kingdom's robust infrastructure and legislation, making the Kingdom a global destination for investment in the mining sector.
Daood underscored the Kingdom's plans to expand the mining industry and help investors gain the most, noting that Saudi Arabia is eager to forge significant international partnerships in this field.
He indicated that the Saudi delegation hopes to attract high-quality investments in the Kingdom's mining industry, remarking that the world has historically relied heavily on minerals and metals for construction, manufacturing, development, and technological advancement.
Saudi Arabia is seeking to create a dynamic and open economy, laying the groundwork for the mining industry to meet future demands.
Through this conference, Saudi Arabia is hoping to attract investments in the mining sector and achieve the national goal of making mining the third pillar of national industry.
