AlKhorayef during Int’nal Mining Conference: KSA Has 90% in Mineral Value

During his opening speech at International Mining Conference , His Excellency the Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef expressed gratitude for the active participation and the presence of numerous leaders and decision-makers in the industrial sector from different countries.

AlKhorayef announced that the estimated value of mineral wealth in the Kingdom has risen by 90%. Therefore, it  reached about 9.375 trillion Riyals, compared to the 5 trillion Riyals announced in 2016.

Why Did the Value Increase?

 

This increase includes new discoveries of rare earth elements and transition metals. Moreover, the value increase covers significant amount of phosphate ore, and other minerals like copper, zinc, gold, and others.

The value increase also encompasses a reevaluation of fair prices.

The third edition of the International Mining Conference commenced today at the King Abdulaziz International Conference Center in Riyadh, spanning two days, reported Alriyadh.

The minister affirmed the wise leadership’s commitment to the success of the conference and achieving its desired goals for the world.

 

He pointed out that these results are due to efforts exerted in the past years in exploration and geological mining survey.

The efforts are also attributed to the significant efforts in issuing exploration licenses for minerals. The licenses have quadrupled over the past three years compared to the number issued in the six years before the new mining investment system.

The system contributed to increasing exploration spending from 70 Riyals to 180 Riyals per square kilometer. This confirms the feasibility of investing in mining exploration operations.

 

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