Saudi Arabia Pioneers National Minerals Program to Cement Position in Mining Sector
Get ready, folks! Saudi Arabia is gearing up to launch a groundbreaking new national minerals program that will solidify its status as a powerhouse in the mining and metals industry, both regionally and globally.
The Saudi Cabinet has given the green light for this initiative, which will be closely tied to the Ministry of Industry and Mineral Resources, as per an official statement.
This cutting-edge program is primed to meet the ever-increasing demands for minerals on local, regional, and global scales, while also fostering local talent and contributing to exploration efforts.
Aligned with Saudi Arabia’s grand plans to elevate mining as a key industrial pillar of its economy, this program perfectly complements the country’s vision for 2030.
An earlier statement from the ministry revealed that Saudi Arabia’s mineral reserves are estimated to be worth a whopping SR9.4 trillion ($2.5 trillion).
Minister of Industry and Mineral Resources, Bandar Alkhorayef, expressed gratitude to King Salman and Crown Prince Mohammed bin Salman for the cabinet’s approval, emphasizing that the program will drive substantial growth in the minerals sector and maximize the country’s mineral wealth.
In a bold statement, Alkhorayef declared, “The establishment of the National Minerals Program by the Council of Ministers marks a pivotal moment in bolstering supply chains in the industrial and mining sectors, catapulting Saudi Arabia to the forefront as a premier hub for mining and minerals.”
He continued, “Our nation’s strategic focus is on enhancing mineral value chains to position the mining sector as the third pillar of our national industry and leverage our prime geographic location as a vital trade intersection.”
The program will play a vital role in ensuring the quality and sufficiency of supply chains for current and future minerals, as well as managing their strategic storage.
Moreover, it will focus on quantifying and securing Saudi Arabia’s mineral requirements, crafting robust plans and strategies, and furnishing industrial supplies of mining raw materials.
Saudi Arabia’s mining sector has been making significant strides both domestically and internationally, with a remarkable 138 percent surge in exploitation license issuances recorded since the implementation of the new Mining Investment Law in 2021.
The number of permits issued skyrocketed from eight in 2021 to 19 last year, underscoring the Ministry of Industry and Mineral Resources’ proactive efforts to ramp up mineral production and attract investments.