His Excellency, Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, announced that the estimated value of mineral wealth in the Kingdom has increased by 90%, reaching 9.375 trillion riyals, compared to the 5 trillion riyals estimate announced in 2016. Al-Khorayef confirmed that this increase includes new discoveries of rare earth elements and transition metals, along with significant rises in phosphate ore, as well as other minerals like copper, zinc, gold, and more. The increase also reflects a reassessment of fair prices.
He pointed out that the results announced are the outcome of efforts made over the past years in exploration and geological mining surveys, along with significant efforts in issuing exploration licenses, which have quadrupled in the past three years compared to the number of licenses issued during the six years prior to the issuance of the new Mining Investment System. This system has contributed to increasing exploration spending from 70 riyals to 180 riyals per square kilometer, emphasizing the viability of investment in mining exploration operations.
The Ministry of Industry and Mineral Resources also announced the completion of 30% of geological surveys in the Arabian Shield area, which spans 700,000 square kilometers. The results will be available on the national geological database, estimated at more than 10 terabytes, serving as an investment incentive in the mining sector.
The initiative of the General Geological Survey Program aims to improve data quality and the accuracy of geological maps to enhance and facilitate the exploration of mineral wealth in the Kingdom, ensuring its optimal utilization as a result of the development of the new Mining Investment System, making the mining sector the third pillar of national industry in the Kingdom, in line with the goals of the comprehensive mining strategy, the mining industries, and the National Industrial Development and Logistics Program.
