The Deputy Minister of Industry and Mineral Resources for Mining Affairs in Saudi Arabia, Khalid bin Saleh Al-Mudaifer, revealed the value of the underground mineral reserves owned by the Kingdom.
The Saudi official told CNBC that the kingdom’s underground mineral reserves are estimated at $1.3 trillion.
Al-Mudaifer added that detailed studies have been prepared to determine the available resources of mineral wealth, and the underground stock has been estimated at $1.3 trillion, and these are preliminary data.
He pointed out that these resources vary between phosphates, gold, copper, zinc, nickel, rare earth metals, minerals that are used in technological industries, and other minerals.
Regarding the volume of investments in the mining sector, Al-Mudaifer said that the volume of investments in mining in Saudi Arabia ranges between 170 and 180 billion riyals (about $48 billion).