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A large-scale geological survey covering nearly a third of Saudi Arabia’s area has resulted in significant metal discoveries that could further boost the estimated $2.5 trillion mineral wealth in the Gulf Kingdom, a senior Saudi official said.
New discoveries of rare metals and other minerals have also been made in unexpected areas by companies that have been awarded mining contracts over the past few years, said Khalid Al-Mudaifer, deputy minister of industry and mineral resources.
Al-Mudaifer told the Saudi Arabic language daily Aleqtisadia that the geological and geophysical surveys in the mineral-rich “Arabian Shield” area in Western Saudi Arabia have been completed and that fresh surveying would be conducted later.
The Gulf Kingdom, the largest Arab economy, has invested in excess of one billion Saudi riyals ($266 million) in the surveys in the 650,000-square-kilometre Arabian Shield, he said.
“These surveys and the exploration operations by the companies awarded mining contracts have resulted in significant mineral discoveries, some of which are in areas outside the traditional mining belts,” Al-Mudaifer said.
“Our current estimates of the mineral wealth in Saudi Arabia are around SAR 9 trillion ($2.4 trillion)…but after the surveys were completed, we believe that the actual wealth is higher…these surveys revealed significant surprises in previously unexpected areas around the Shield,” he added.
Al-Mudaifer noted that survey operations will continue periodically every three to five years given the significant advancements in data and information.
Saudi Arabia, which controls the world’s second largest recoverable oil deposits, has awarded over 2,000 mining contracts to local and foreign companies since it began enforcing a landmark mining law to lure in investors in line with Vision 2030.
Just before the end of 2025, Riyadh announced the award of new mining exploration contracts to 24 companies within the ninth licensing round for prospectors.
The awarded areas are rich in strategic minerals, including gold, copper, silver, zinc, and nickel, the ministry of industry and mineral resources said.
(Writing by N. Saeed; Editing by Anoop Menon)
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