Saudi Arabia mulls mining sector restructuring to diversify economic resources, says official

Saudi Arabia is working towards restructuring the mining sector to be one of the main drivers of the national economy, according to Khaled bin Saleh Al-Mudaifer, vice chairman of the Saudi Geological Survey (SGS).

The move will contribute to diversify the economic resources and support the comprehensive development plan, he said, adding that it will create more jobs and provide investment opportunities in a transparent environment with ease of procedures.

The authority seeks to lay strong foundations which will enable it to achieve some goals of the Kingdom's Vision 2030, through a tight plan to explore mineral resources, determine their locations, and estimate the quantities, Al-Mudaifer noted.

According to data compiled by Argaam, SGS signed on Oct. 18, 2020, four contracts worth SAR 553 million with international experts and consultants under the first phase of the projects pertaining to the geological survey general program costing SAR 2 billion.

At present, the program aims to survey nearly 600,000 square kilometers of the mineral-rich Arabian Shield region.