Industry Ministry works to ensure minerals availability for mega projects: Official

Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources is working to ensure the availability of minerals for Saudi Vision 2030’s mega projects and all newly launched strategies, Vice Minister Khalid Al-Mudaifer said. 

On the sidelines of the Future Minerals Forum (FMF) in Riyadh, Al-Mudaifer told Argaam that the Kingdom was the fourth-largest net importer of minerals globally, and now it has construction projects exceeding SAR 8 trillion by 2030.

These huge projects require iron, cement, aluminum, and other minerals, the vice minister said, adding that electric cars are heavier than regular cars in terms of metal and require 30% more metal resources.

Al-Mudaifer went on to say that the new mineral resource estimates, which represent the economic value of the Kingdom’s mineral resources, are less than desired because there may be more resources available since the Kingdom's land contains more options.

He also revealed that about 25% of exploration license applications were submitted by foreign and joint companies.  

The ministry offered three exploration licenses and will assess investors’ bids today, Jan. 11, Al-Mudaifer said, adding that it will offer 33 licenses throughout 2024, or six to eight licenses per quarter.

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said yesterday, Jan. 10, that 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). The estimates were revised for phosphate, gold, and rare earths, he added.