Saudi Arabia’s mining sector is witnessing unprecedented growth as the government is pushing to develop the industry with increased investment and upgraded laws to attract more private players.
This saw the number of mining complexes in the Kingdom as of the end of 2022 rising to 377, with an estimated area of 44,365 sq. km, according to the latest government data.
Makkah is home to the majority of 76 mining complexes last year.
This is followed by Riyadh and Madinah with 60 and 53 complexes respectively, while Asir’s complexes totaled 34, revealed the ministry.
Saudi Arabia possesses more than 20 different types of minerals, including gravel, gold, iron, copper, granite and marble, stated the Ministry of Industry and Mineral Resources in a tweet.
The Kingdom has 35 locations with specific geological formations, called mineral belts, that contain abundant mineral deposits
As of 2022, these belts represent 14 percent of the Kingdom’s size and cover 305,000 sq. km. The ministry added that the mineral deposits of these belts are around 75 percent of the Kingdom’s total mineral deposits, which have a projected value of $1.3 trillion.
The Ministry upgraded its mining investment law in 2020 to develop the mining sector and designed a long-term integrated mining system aimed at protecting both employees and the environment.
The government expects such improvements to spill over to adjacent sectors by way of providing jobs and boosting local spending in Saudi Arabia.
Source: www.arabnews.com
