Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, has allocated 54 mining reserve sites in the Kingdom covering an area spanning 4,000km2, following the issuance of seven decisions for the sector.
Touted to be the largest allocation process for the mining sector, the ministry’s move supports the development of the sector, as part of the Kingdom’s Vision 2030.
According to Saudi Press Agency (SPA), the sites have been allocated in areas including Riyadh, Makkah, Madinah, Asir, Hai’l, and Najran.
Among the 54 sites, 12 each have been allotted for gold and copper ore; nine for rare earth elements; seven for silver ore; five for zinc ore; three for lead ore; two each for iron and quartz ore; in addition to one each for tin and molybdenum ore.
With the allocation of these mining sites, the ministry could achieve a number of goals including providing the attractive investment environment as well as data required by the private sector in the mining industry. In addition to opportunities for local and international companies to invest in the utilisation of mineral resources.
The SPA said that the Saudi Geological Survey has been planning to commence detailed exploration of the 54 mining reservoirs and conduct many detailed studies on the same.
Furthermore, it will make models of the mining sites and calculate the mineralised sources for each reservoir and site, which will later become an investment source.
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