$355 mln spent on Saudi metal exploration
Saudi Arabia has spent nearly 1.33 billion Saudi riyals ($355 million) on exploration for metals within a drive to develop its massive mineral industry and diversify its oil-reliant economy, a senior Saudi official has said.
The investments do not include spending by companies awarded mining contracts following the enforcement of a landmark mining investment law six years ago.
'The government has so far spent nearly SAR1.33 billion on mining exploration…this demonstrates its commitment to the development of minerals sector,' said Khalid Al-Mudaifer, deputy Industry and Mineral Resources Minister.
Addressing a mining conference in Istanbul, Turkey, at the weekend, Al-Mudaifer said the number of mining exploration companies in the Gulf Kingdom jumped from only six in 2020 to 133 at the end of 2023.
The estimated value of the country's mineral wealth has also been massively revised up from around SAR 5 trillion ($1.33 trillion) to SAR9.4 trillion ($2.5 trillion), he added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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