Ministry of Industry issues 1,967 mining licenses, says Alkhorayef

11/01/2022 Argaam

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 1,967 mining licenses for detection as well as exploration of various minerals so far, stated Minister, Bandar Alkhorayef, on the sidelines of the eighth Consultative Meeting of Arab Ministers for Mineral Resources.

 

The ministerial meeting is a key part of the Future Minerals Forum that is happening in Riyadh from Jan. 11-13, 2022.

 

There are 431 reserve and excavation sites, Alkhorayef said, adding that an ambitious exploration initiative has been already launched to explore more than 50 sites.

 

He pointed out that the mining sector needs huge funds to ensure long-term investments. Vision 2030 seeks to expand the economic resources, and develop the mining industry via the National Industrial Development and Logistics Program (NIDLP). 
 
This will help turn the Kingdom into a prominent industrial center and to make mining as the third pillar of the national industry, thanks to the global increasing demand for the natural resources of more than $1.3 trillion.

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