Mining sector targets economic goals, not financial: Alkhorayef

Minister of Industry and Mineral Resources Bandar Al-Khorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef said the ministry’s goal in the mining sector is an economic and not a financial one, adding that the Kingdom has become one of the world’s key countries in terms of mining sector goals. 

Addressing the 2024 Budget Forum today, Dec. 7, the minister indicated that the economic impact stemming from the sector is of utmost importance for its development. 

The sector is highly attractive for huge investments and there are investment opportunities in the sector for small and medium-sized enterprises. This is because a mining exploration incubator was launched to empower amateur explorers, being a global model existing in many countries of the world, according to the minister. 

He pointed out that there are five mining sites that the ministry intends to launch for exploration through tenders, stressing that there is strong interest from international companies to in the Saudi mining sector. 

Alkhorayef also said gold marks one of the key minerals in the Kingdom, with its local production volume increasing to500,000 ounces. The target is to reach one million ounces by 2030, he further stated.