Saudi Arabia intends to offer six new mining sites to investors as part of the fifth licensing round to exploit its massive mineral wealth, a Saudi official has said.

The new sites, with a total area of 940 square-kilometres, will be unveiled through 2024 and cover areas that are potentially rich in gold, copper, zinc and other metals, said Industry and Mineral Resources Ministry Undersecretary Abdul Rahman Al-Baloushi.

He told the Saudi Asharqalawsat newspaper that the Ministry has awarded more than 500 mining sites to investors since it launched a landmark mineral investment law four years ago as part of its economic diversification scheme ‘Vision 2030.’

Baloushi said a massive mineral survey launched in 2023 covered at least 600,000 sq. km and resulted in a 90 percent increase in the Kingdom’s mineral wealth to nearly $2.5 trillion from about $1.3 trillion.  The survey, which covers mostly Western Saudi Arabia, involved investments of nearly $1.5 billion, he added.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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