Saudi Arabia presently has more than 80 types of minerals at various degrees of reliability and inventory, according to Khaled Al-Mudaifer, Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources. Still, only about 7-8% have been mined.
Continuous geological studies make it difficult to account for the number of minerals in the Kingdom adequately, Al-Mudaifer said.
The Arabian Shield airborne geophysical survey will be completed in three phases over six years
The Arabian Shield airborne geophysical survey will be completed in three phases over six years. The first phase will last three years and cover the majority of the Arabian Shield, while the second phase will last two years and cover about a third of the region. The third and final phase will last a year and will include some of the study’s focus areas and data collection.
Al-Mudaifer said that 352 mining licenses have been issued from the new Mining Investment Law
Al-Mudaifer said that 352 mining licenses have been issued from the new Mining Investment Law, bringing the total number of licenses to 1,816.
To date, 1,311 applications for mining licences have been received, reflecting the mining sector’s enormous potential and opportunities for the national economy.
The Kingdom has performed extensive investigations to evaluate the magnitude of its mineral deposits, Al-Mudaifer explained, and preliminary data revealed that they are expected to be worth around $1.3 trillion.