In a groundbreaking revelation at the ongoing Future Minerals Forum in Riyadh, Saudi Arabia has substantially revised its estimate for untapped mineral resources, now valued at an impressive $2.5 trillion—almost doubling the 2016 forecast of $1.3 trillion. This strategic move is a testament to the success of Vision 2030, the transformative initiative spearheaded by Crown Prince Mohammed bin Salman to reshape the nation’s economic landscape.
Bandar Al Khorayef, Minister of Mineral Resources and Industry, shared insights on the remarkable achievement during an exclusive interview with CNBC’s Dan Murphy. The newfound wealth encompasses gold, copper, phosphate, and rare earth elements, presenting a diversified resource portfolio alongside the nation’s already formidable oil reserves.
The minister attributed this success to a series of impactful reforms, including a revamped investment law that has attracted a surge of investment. Over the past two years, Saudi Arabia has issued approximately 4,500 licenses, signaling a robust influx of both domestic and foreign investments. Al Khorayef emphasized the importance of the geological survey program, noting significant spending that has yielded crucial data on various reserves.
While these figures are based on only 30% of the Arabian shields exploration, efforts are underway to extend this exploration to cover the entire 100%. The Arabian-Nubian shield, a historically rich mining region spanning the western Arabian peninsula and northeast Africa, holds immense potential for further discoveries.
Saudi Arabia’s commitment to becoming a global mining powerhouse is evident with the development of 33 new exploration sites. The nation aims to grant more than 30 mining exploration licenses to foreign investors in 2024, solidifying its position as a key player in the sector.
Aligned with Vision 2030’s goals, the mining sector is crucial in diversifying the kingdom’s economy, attracting foreign investments, and creating employment opportunities for the burgeoning youth population. Al Khorayef expressed optimism about Vision 2030’s progress, highlighting the steady growth of projects in the pipeline and increasing private sector investment.
To further incentivize exploration, Saudi Arabia unveiled a mineral exploration incentive program with a substantial budget exceeding $182 million. The minister concluded by expressing satisfaction with the progress made, emphasizing the nation’s readiness to accelerate and move projects swiftly. As Saudi Arabia navigates towards a diversified, robust economy, the mining sector remains a pivotal player in realizing the ambitious goals set by Vision 2030.
By: Montel Kamau
Serrari Financial Analyst
11th January, 2023
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