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Saudi Arabia has almost doubled the price estimate for its mineral resources and is seeing lucrative deals signed at its Future Minerals Forum in Riyadh this week, ministers told CNBC.
Estimates of the kingdom’s untapped mineral reserves have risen from $1. 3 trillion in a 2016 forecast to $2. 5 trillion, according to Saudi Arabia’s Minister of Mineral Resources and Industry Bandar Al Khorayef. The resources come with gold, copper, phosphate and rare earth elements, providing new resources of underground wealth on top of Saudi Arabia’s gigantic oil reserves.
“We are very excited about this news. . . it’s a result of what we’ve done over the last 4 years,” Al Khorayef told CNBC’s Dan Murphy on Wednesday.
The Saudi government announced deals worth $20 billion would be signed at the annual minerals forum, with the mining minister hailing recent reforms to the kingdom’s business and practices as key to a windfall.
“The revision of our investment law has brought many investments to light. The number of licenses we have issued in the last two years is about 4,500,” Al Khorayef said.
“In addition to the amount of money we’ve spent on our geological survey program, those two things alone allow us to access data and knowledge about other reserves. And the good thing about that number. . . It is the combination of new discoveries, especially with rare earth metals, as well as more deposits than we already know, in phosphate, gold, copper, zinc, etc. So it’s a mix of all of those.
The minister insisted that the figures “are based on only 30% of the exploration of the Arab coats of arms. . . which will continue to be 100% successful. ” The Arab-Nubian Shield is a vast block of rocky crust that stretches along the western Arabian Peninsula and northeastern Africa and is believed to have been a site of mining and exploration activities for thousands of years.
Saudi Arabia has developed 33 new mineral exploration sites and aims to grant foreign investors more than 30 mineral exploration licenses by 2024, it announced at the forum.
The concerted effort to invest in mineral exploration and exploitation and license foreign investors is part of Saudi Arabia’s Vision 2030 program, a multibillion-dollar initiative introduced by Crown Prince Mohammed bin Salman to diversify the kingdom’s economy beyond oil, attract foreign investment and supplies. more jobs for its burgeoning youth population. The Saudi government sees mining as the third pillar of trade that will allow its economy to move away from hydrocarbons.
When asked about the country’s progress towards the Vision 2030 goals, the Minister of Mines was optimistic.
“You know, sectors like tourism are showing rapid results, we would possibly be a slower sector. But when I look at the project, the other projects that we’re doing, the investment project in the personal sector, the infrastructure of the project, which is actually for Me gives genuine proof that we will also do it in achieving our goals. “
“Our task today in the ministry and in the ecosystem is to promote and advance projects much faster,” he said, highlighting the importance of collaborating with investors to meet their needs. This is partly due to the kingdom’s new mineral exploration incentive. program, announced Wednesday, with a budget of more than $182 million.
“Generally speaking, I’m really very happy to see the progress,” Al Khorayef said. “I mean, in terms of policies, it’s all set in terms of enablers, it’s all set in terms of the infrastructure. In terms of budgeting and financing all of the infrastructures, we have been enabled. So, you know, it’s our job now to do it.”
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