Value of Mineral Resources in Saudi Arabia $2.5 trillion
The estimated value of mineral resources in Saudi Arabia is $2.5 trillion, making Saudi Arabia a major global center for producing and manufacturing metals, reported Ajel News 24.
Future Minerals Forum
A panel discussion titled “Accelerating the Future of Mining: Unleashing a Fair and Technologically Supported Transformation” took place during the second day of the Future Minerals Forum, reported Saudi Press Agency.
The panel explored ways to accelerate the future of mining and transition methods by harnessing technology to expedite business processes in the sector.
The session featured the participation of the CEO of the Saudi Geological Survey Abdullah bin Mufter Al-Shamrani.
Al-Shamrani explained that efforts are directed towards fully leveraging technology in the mining and geological survey sector. He emphasized its indispensable role. Technology plays a crucial role in utilizing all available data.
Moreover, the CEO highlighted the importance of smart acceleration of operations, a good understanding of available data, and their digitization using modern technologies and artificial intelligence.
Al-Shamrani highlighted that modern technologies in the mining sector will contribute to achieving success similar to other sectors, such as oil, gas, and petrochemicals which have made significant progress.
He noted the acceleration in the processes of mineral discovery and extraction, noting the need to continue working and putting in significant efforts to achieve the desired goals.
AlKhorayef’s Speech at Future Minerals Forum
During his opening speech at Future Minerals Forum , 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 revealed that the estimated value of mineral resources Saudi Arabia 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 at the King Abdulaziz International Conference Center in Riyadh, spanning two days.
The minister affirmed the wise leadership’s commitment to the success of the forum. 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.
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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