Saudi Arabia’s mineral wealth estimated at $2.5tn

Riyadh, Saudi Arabia – The mining sector in Saudi Arabia is undergoing a significant transformation, poised to become a key pillar for the nation's economic diversification efforts outlined in Vision 2030.

The kingdom's abundant mineral wealth, estimated at SAR9.4TN ($2.5tn), presents a crucial opportunity to expand non-oil revenue streams alongside the oil and petrochemical industries.

To accelerate exploration and development, the kingdom has increased its estimated mineral wealth and invested SAR682.5MN ($182mn) in exploration incentives by the end of 2023.

This commitment was reinforced by the issuance of 152 new industrial licenses by the Ministry of Industry and Mineral Resources in January 2024 alone. The licenses include 20 for non-metallic mineral products and 19 for activities related to manufacturing formed metal products, excluding machinery and equipment.

According to a report by the National Industrial and Mining Information Center, the 152 industrial licenses issued since the beginning of 2023 contributed to bringing the total number of operating and under-construction factories in the kingdom by the end of January 2024 to 11,672.

Recent discoveries, including significant gold reserves along a 100km stretch in the Mansoura and Masara mines, further emphasise the vast untapped potential of Saudi Arabia's mineral wealth. These mines boast a projected annual production capacity of 250,000 ounces of gold.