PHOTO
Image used for illustrative purpose only. Workers stand at the top of a mountain of waste rock at Newmont Mining Corp's copper and gold mine on Indonesia's Sumbawa island September 21, 2012.
Investment in Saudi Arabia’s lucrative mining industry jumped by nearly 36 percent in the first quarter of 2021 following a decision to restructure the sector to attract capital, a Saudi official was quoted on Sunday as saying.
The Industry and Mineral Resources Ministry issued 478 permits for investment in the mining sector in the first quarter, the highest since the first quarter of 2020, the Ministry’s spokesman Jarrah bin Mohammed said.
He told the Saudi newspaper Aliqitisadia that local and foreign private investments in the Gulf Kingdom’s mining industry have totaled nearly 113.2 billion Saudi riyals ($30.2 billion) over the past 11 years.
“There has been a steady rise in investments in the mining sector since the peak of Coronavirus in the second quarter of last year…in the first quarter of this year, mining investments increased by about 36 percent,” he said.
Oil giant Saudi Arabia announced plans to its restructure its 1.3-trillion-dollar mining industry to lure in foreign capital as part of its economic diversification scheme it launched a few years ago under the name 'Vision 2030.'
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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