Saudi Arabia continues to increase its mineral production.
The official Saudi Press Agency reported today that more 1,290 factories are now producing mineral products in Saudi industrial cities, citing the Saudi Authority for Industrial Cities and Technology Zones, aka Modon. Modon claims that increased domestic and international investments helped to increase the number of mineral factories.
Saudi Arabia has the most mineral resources in the Middle East. According to the Riyadh-based National Industrial Development Center, the kingdom is rich in gold , and lead, as well as tin.
The production of minerals is an important part of Saudi Arabia’s Vision 2030,, which aims to diversify the economy of the Gulf state away from oil dependence.
To this end, the Saudi Ministry of Industry and Mineral Resources announced today the start of licensing bids for mineral exploration in the recently-discovered Khnaiguiyah deposits in central Saudi Arabia, Yahoo! Finance reported.
Saudi Arabia plans for an auction at minimum three mining licenses in 2022,, including the Khnaiguiyah deposits. According to Bandar Al-khorayef, Saudi mining minister, these deposits contain an estimated 26 tonnes of copper and zinc. He told Reuters yesterday.
According to Bloomberg financial news,
Saudi Arabia seeks $170 trillion investment in mining by 2030,.