The Saudi Ministry of Industry said work is underway with the Ministry of Finance to prepare regulations for a mining fund to support the objectives of the comprehensive strategy for the mining industries.
The main objective of establishing the fund is to find sustainable sources of funding to develop and support mining activity, the ministry told Aleqtisadiah paper.
The fund comes as part of the National Industrial Development and Logistics Program to be implemented over 24 months from the end of the second quarter of 2021, the ministry said.
The ministry estimated the value of mining investments at about $1 billion during 2020, noting that it aims to invest $30.6 billion by 2025.
In August, Khaled Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources, said Saudi Arabia conducted detailed studies to determine the size of the mineral deposits in the Kingdom and initial data revealed that the mineral deposits are estimated at approximately $1.3 trillion, Argaam earlier reported.
Source: www.arabnews.com
