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Saudi Arabia to offer 6 new mines to investors

They cover 940 sq km.

Saudi Arabia intends to offer six new mining sites to investors as part of the fifth licensing round to exploit its massive mineral wealth, a Saudi official has said.

The new sites, with a total area of 940 square-kilometres, will be unveiled through 2024 and cover areas that are potentially rich in gold, copper, zinc and other metals, said Industry and Mineral Resources Ministry Undersecretary Abdul Rahman Al-Baloushi.

He told the Saudi Asharqalawsat newspaper that the Ministry has awarded more than 500 mining sites to investors since it launched a landmark mineral investment law four years ago as part of its economic diversification scheme ‘Vision 2030.’

Baloushi said a massive mineral survey launched in 2023 covered at least 600,000 sq. km and resulted in a 90 percent increase in the Kingdom’s mineral wealth to nearly $2.5 trillion from about $1.3 trillion.  The survey, which covers mostly Western Saudi Arabia, involved investments of nearly $1.5 billion, he added.

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