Saudi Arabia is a mining country in the making. The country has taken many transformational steps to make investing in mining more attractive than ever before, said His Excellency Khalid Al-Mudaifer, Vice-Minister of Mining Affairs for the Saudi Ministry of Industry and Mineral Resources Duriing Mines and Money Online Connect.
The Arabian Shield is estimated to contain $1.3 trillion worth of potential mineral value, across numerous commodities, including gold, copper, phosphate, iron ore and rare earth minerals, many of which are critical to the technologies that will drive a sustainable future, and which are in high demand.
The recently launched National Geological Database in Saudi Arabia provides online access to 80 years’ worth of national records of geological, geophysical and geochemical information, including thousands of detailed reports on mining targets and prospects.
To meet the Paris Agreement goals on climate, the global supply of copper and rare earth minerals will need to increase by 40 percent, while nickel and cobalt needs will go up by 60 percent to 70 percent, and lithium requirements will expand by 90 percent. All of those pivotal elements feature in Saudi Arabia’s rich geology
Saudi Vision 2030 has singled out mining to grow to become the third pillar of the country’s industrial growth, which led to the development of a comprehensive Mining and Mining Industries Development Strategy, which has identified nearly 40 initiatives, most of which already are up and running.
The Kingdom already has attracted significant amounts of domestic and international investment in mining commodities like gold, phosphate and aluminum. The Kingdom has also launched the Mining Sector Sustainability Assurance Initiative, which aims to create a sector that is focused on balancing economic value and environmental protection. Next year, between 11 and 13 January, 2022, the country is planning its inaugural Future Minerals Summit (FMS), the first-ever event to offer a ‘one-stop-shop’ for investors, miners and other industry stakeholders interested in learning more about the mining potential of the Middle East, Central Asia, and North and East Africa.