Saudi Arabia allocates 54 new mining reserve sites in Vision 2030 drive

Saudi Arabia’s Minister of Industry and Mineral Resources has allocated 54 mining reserve sites in the Kingdom covering an area spanning 4,000km², following the issuance of seven decisions for the sector.

The move, which has been touted as the largest ever allocation process in the Saudi mining sector, will drive the development of the sector under the Kingdom’s wider Vision 2030 plans to diversify the economy away from oil.

According to Saudi Press Agency (SPA), the sites have been allocated in areas including Riyadh, Makkah, Madinah, Asir, Hai’l, and Najran. Of the 54 sites, 12 each have been allotted for gold and copper ore.

Nine sites have been allocated for rare earth elements, seven for silver ore, five for zinc ore, three for lead ore, two each for iron and quartz ore and one each for tin and molybdenum ore.

The SPA said that the Saudi Geological Survey has been planning to commence detailed exploration of the 54 mining reservoirs and conduct detailed studies on the same sites.

Furthermore, it will make models of the mining sites and calculate the mineralised sources for each reservoir and site, which will later become an investment source.

“This is the right time to open up the mining sector for investment,” said economic adviser Abdullah Al-Barrak.