Saudi Arabia is investing heavily in its mining industry to reduce its dependence on oil and become a global player in the field.
The country has a wealth of mineral resources, including gold, copper, iron, and granite, estimated to be worth up to $1.5 trillion.
In recent years, the government has made several strategic moves to achieve its goal. In July 2023, it agreed to buy a 10% stake in some mines owned by Brazil’s Vale SA. This deal gave Saudi Arabia access to key minerals used in electric cars and other green technologies.
The government is also passing laws to make investing in the mining sector easier for foreign companies. In June 2020, it passed a law that allows foreign companies to own 100% of mining projects in the Kingdom. This move is expected to attract billions of dollars in foreign investment.
The government is also investing in research and development in the mining sector. It is working to develop new technologies that can be used to extract and process minerals more efficiently. This will help to reduce the environmental impact of mining and make it more cost-effective.
The Saudi government is also investing in infrastructure to support the mining industry. It is building new roads, railways, and ports to facilitate the transportation of minerals.
It is also investing in education and training programs to develop a skilled workforce for the mining sector.
The Saudi government’s investment in the mining industry is a major step towards diversifying the country’s economy and reducing its reliance on oil. The mining sector has the potential to create jobs, generate revenue, and boost economic growth.
If the government’s plans click, the country could become a major player in the global mining industry.