Saudi Arabia has awarded 19 mines with good minerals prospects to private investor since it began enforcing a landmark mining law three years ago, official figures have shown.

The Gulf Kingdom, the world’s dominant oil exporter, unveiled an attractive mining investment law in mid-2021 with the aim of tapping its massive mineral wealth, estimated at over 9 trillion Saudi riyals ($2.4 trillion).

Before the enforcement of the new law, only eight sites were offered to investors, according to the Industry and Mineral Resources Ministry.

By the end of 2023, the number of mineral-rich sites more than doubled to 19 licenses, the Ministry said in a report this week.

Besides exploitation mines, the Kingdom has awarded 538 building materials sites and 259 metal exploration licenses, the report showed.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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