22.1 C
Supported byspot_img

Saudi Arabia Allocates $182 Million for Extensive Exploration Initiatives

Member of Europium Groupspot_img
Supported byspot_img

The world’s largest oil exporter wants to put its economy on a broader footing and contribute to the energy transition.

Saudi Arabia is investing 182 million dollars in the exploration of minerals, as the Reuters news agency reports. The vast reserves of phosphate, gold, copper, and bauxite will be tapped. The Gulf state wants to diversify its economy, mainly based on oil and gas exports.

According to Yasir Al-Rumayyan, Governor of the Public Investment Fund, Saudi Arabia is currently conducting the world’s most extensive exploration program. At the Future Minerals Forum, which is now taking place in the Arab capital of Riyadh, he predicted a six-fold increase in global demand for metals by 2040. He emphasized the Kingdom’s role in the energy transition.

Supported by

Saudi Arabia also plans to award 33 mining exploration licenses to international investors this year. The estimated value of the as-yet untapped domestic mineral potential has been raised by 90 percent to 2.5 trillion dollars, Arab News reports. According to Minister of Industry and Mineral Resources Bandar Alkhorayef, the correction is based on discoveries of rare earths, among other things.

Saudi Arabia also wants to cooperate more closely with the Democratic Republic of the Congo, Egypt, Morocco, and Russia in the raw materials sector; the state news agency SPA reports on signing corresponding declarations of intent as part of the Future Minerals Forum. As we reported, the kingdom aims to set up a trading platform for battery metals and rare earths.


Source: RawMaterials

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!