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Saudi Arabia issued 86 new permits for mining operations as part of its new metal investment law intended to tap its massive potential in this sector and diversify its oil-reliant economy, according to official data.
The new permits issued by the Industry and Mineral Resources Ministry brought to 2126 the total number of licenses awarded to local and foreign investors since the new law was enforced more than a year ago.
Figures issued by the Ministry and published in the local press showed the April licenses included 68 permits for building materials production, 13 for mining exploration and five for metal ore operations.
The report showed the Gulf Kingdom, which controls the world’s second largest proven oil deposits, has awarded a total 559 mining exploration since the new mining law was approved by the cabinet in late 2020.
Announcing the new law, the Ministry said in 2021 that it is designed to attract capital to tap its metals reserves which are estimated at 5 trillion Saudi riyals ($1.3 trillion), covering gold, silver, copper, zinc, phosphates, granites and bauxite.
(Writing by Nadim Kawach; Editing by Anoop Menon)
