Mineral wealth estimates lifted on exploration of 30% of Arabian Shield: Minister

Minister of Industry and Mineral Resources, Bandar Alkhorayef

Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the Kingdom raised its mineral resources estimates on the exploration of nearly 30% of the Arabian Shield region, adding that there are more resources to be explored.

With more exploration investments, Saudi Arabia can reach the maximum capacity of its mineral resources, Alkhorayef added on the sidelines of the third edition of Future Minerals Forum in Riyadh.  

Saudi Arabia made several industry achievements, and will announce, in cooperation with the Ministry of Investment, a mineral exploration incentive program with a budget of over $182 million, which will eliminate the related risks and further ensure providing the new commodities via green mining projects.

Additionally, rounds five and six of the licensing program will be launched, allowing for the exploration of 33 sites over this year, while providing opportunities for more green initiatives.

Alkhorayef also indicated that exploration activities started in Jabal Sayid, spanning 4,000 square kilometers.

“We are going to witness during the next few days the signing of deals worth SAR 75 billion (almost $20 billion), which will drive R&D, technology upstream and other value chain opportunities,” Alkhorayef said.

Saudi Arabia revised upward estimates for its mineral resources from $1.3 trillion (SAR 4.9 trillion) in 2016 to $2.5 trillion (SAR 9.4 trillion), Argaam earlier reported.