Saudi mineral deposits estimated at $1.3 trln, 1,500 licensing requests received: Al-Mudaifer

Khaled Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources

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, CNBC Arabia reported, citing Khaled Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources.

These resources include phosphate, gold, copper, zinc, nickel, and other rare-earth minerals.

Saudi Arabia has around SAR 170-180 billion of mining investments, Al-Mudaifer said, expecting these investments to increase by 150% until 2030, which will provide up to 220,000 job opportunities.

He also indicated that a number of giant international companies have mining investments in Saudi Arabia, adding that 1,800 mining licenses – issued tens of years ago - are still valid.

The ministry received more than 1,500 licensing requests upon the launch of the new mining law.

In addition, 274 mining licenses have been issued year-to-date, eight of which have an average estimated investment of SAR 250 to SAR 500 million.

“This is just a start under the new mining investment law,” he noted.

Saudi Arabia is looking forward to be one of the world’s top three phosphate producers, and to enhance the copper industry via building a copper melting facility soon, he added.