Saudi Arabia’s mining sector received $8 billion in foreign direct investment in 2021, with 145 licenses issued, state-owned SPA reported.

The country’s mining revenue increased by 27 percent year-on-year in 2021. 

Additionally, the government is seeking investments worth $32 billion in the mining and minerals sector as it focuses on integrated green value chains, including green steel and electric vehicle (EV) battery production, the SPA report said, quoting Mining Minister Bandar Al-Khorayef.

The Kingdom plans to award over a dozen mining exploration licences to international investors as it looks to diversify away from hydrocarbons, Reuters reported on Wednesday, citing the Minister’s at the International Mining and Resources Conference in Sydney.

(Writing by D Madhura; Editing by Anoop Menon)