Saudi Arabia aims for SAR 171 bln pvt sector mining investments by 2030

Saudi Arabia seeks to increase private sector’s investments in mining to SAR 171 billion by 2030, Al Eqtisadiah reported, citing the Ministry of Industry and Mineral Resources.

Mineral production in Saudi Arabia is forecast to grow over the coming years amid the Kingdom’s endeavors to boost the mining contribution to the gross domestic product (GDP).

Saudi Arabia seeks to boost investments in iron and aluminum industries, in addition to the electric car battery chemicals, at SAR 120 billion by 2030.

Saudi Arabia currently produces a number of minerals including 345,000 ounces of gold, 10 million tons of steel, 1 million tons of aluminum, 88,000 tons of copper concentrates, 5.1 million tons of phosphate, and 300,000 tons of aluminum sheets.

The minerals resources in Saudi Arabia are estimated at over $1.3 trillion, or SAR 5 trillion, including phosphate, bauxite in the Northeast and gold, copper and other rare earth elements in the Western region.

Source : Argaam