Updated estimates of mineral wealth driven by new discoveries: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef 

The updated estimates of the Saudi mineral reserves to SAR 9.4 trillion came through a reassessment of some minerals and new discoveries in rare earth minerals and several conventional metals in the Kingdom, Minister of Industry and Mineral Resources Bandar Alkhorayef told Argaam in an interview on the sidelines of the Future Minerals Forum (FMF).

Alkhorayef added that large quantities of phosphate, gold, copper and zinc were discovered as a result of the expansion of Maaden's business in Waad Al-Shamal.

He pointed out that since the launch of the mining strategy and on more than one occasion, previous estimates that the value of mineral wealth was SAR 5 trillion were conservative.

The new estimates came as a result of the Saudi Geological Survey program (SGS), which was launched about four years ago, where it began to reap its fruits in terms of information and existing natural resources, as well as the mining investment environment, which has become a stimulating environment, Alkhorayef noted.

The ministry has issued a large number of licenses in the mining sector, amounting to 4,500 licenses within two years, part of which is to bear exploration costs, he said.

The minister further explained that part of the announced figure is for rare earth minerals in a number of industries that can be used as a main component, adding that they are also used to improve conventional metals such as iron, zinc, copper and others.

Meanwhile, he pointed out that the new technologies that investors began to use were part of the geological survey journey, which accelerated the discovery and survey process, where technology, aircraft and various equipment are used to obtain better information. 

 Alkhorayef added that the ministry aspires to the entry of other new technologies proven in use around the world to speed up the surveys.