Mining license to be launched in Riyadh soon, investments expected at SAR 3 bln: Official

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

A mining license will be launched in Riyadh soon, CNCB Arabia TV reported, citing Khaled Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources.

He forecasts the license to attract new investments worth nearly SAR 2-3 billion.

The license aims to extract valuable minerals from a wider area, 170 kilometres away from Riyadh, Al-Mudaifer said, indicating that the site has road network, electricity, and Internet connectivity, which reduces costs for investors.

He added that the ministry started receiving bids from companies, which will be evaluated in terms of technical and financial capacity as well as practical experience.

The bids will be based on several factors, including economic development, the license value, and infrastructure, Al-Mudaifer concluded.