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Saudi land, which covers an area of more than two million square kilometers, is rich in mineral wealth, of which 80 types have been discovered, of which only 7 or 8% have been mined so far. Affairs, and the following is a detail of his promising statements to Saudi citizens.
Al-Mudaifer explained that the aerial geophysical study of the Arab Shield, through which a global vision of Saudi mineral wealth will be developed, will be carried out within 6 years in three phases as follows:
- The first phase lasts three years and covers most of the area of the Arab shield.
- The second phase will last two years and will cover a third of the area of the Arab shield.
- The third phase, which will last one year, will focus on the coverage of the targeted areas for the study and the collection of information.
Mineral wealth estimated at 5,000 billion riyals
The Deputy Minister of Industry and Mines said the first information on the value of the Kingdom’s mineral reserves is estimated at 5,000 billion Saudi riyals, the equivalent of 1,300 billion US dollars. Exploration and extraction of all kinds of minerals on Kingdom lands will begin immediately.
Al-Mudaifer concluded his statements that the current investment volume in mining is between 170 and 180 billion riyals, and this number is expected to double to 150% by the start of 2030.
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