Al-Mudaifer said that “A new mining law, which came into force on Jan. 1, 2021, will help attract more foreign investors because it treats them equally with local investors. We have already received a number of applications for exploration licenses from locals and are also in conversations with a number of international mining businesses.”

 

According to geological surveys dating back 80 years, the Kingdom has an estimated reserve of untapped mining potential valued at USD 1.3 trillion. Saudi Arabia’s mining industry has already attracted some major foreign investors. American industrial corporation Alcoa has a 25.1% stake in two companies, Ma’aden Bauxite and Alumina and Ma’aden Aluminum, as part of USD 10.8 billion joint venture with the Saudi Arabian Mining Company Ma’aden located in Ras al-Khair Industrial City in the Eastern Province. The Mosaic Company, a fertilizer producer, has a 25% stake in the USD 8 billion Ma’aden Wa’ad Al-Shamal Fertilizer Production Complex located in Wa’ad Al Shamal Minerals Industrial City in the north of Saudi Arabia. Furthermore, Barrick Gold has a 50% stake with Ma’aden in the Jabal Sayid underground Copper Mine and Plant.

 

source：SteelGuru Business News