New mining law to attract investments, establish a mining fund: Alkhorayef

Minister of Industry and Mineral Resources, Bandar Alkhorayef, praised the new mining investment law, which was approved by the Saudi Cabinet on June 9, the Saudi press Agency (SPA) reported.

“It is one of the key initiatives of the comprehensive strategy for mining and mineral industries in the Kingdom, and will contribute to creating an attractive investment environment to achieve the goals of Vision 2030,” he stressed.

He added that the main pillars of the strategy, which are stipulated by the mining investment law, include sector governance, bolstering investors’ confidence, as well as enhancing transparency and sustainability through safeguarding the environment and complying with health and safety regulations.

Alkhorayef also noted that new law entails the establishment of a mining fund to ensure sustained funding and support geological survey and exploration programs, which will attract local and international investments.

The new law includes 63 articles and is expected to ensure the optimization of the Kingdom’s mineral resources valued at around SAR 5 trillion, the minister concluded.