10 May Saudi minister hails mining ecosystem as national sector delivers record revenues in 2021
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef has pointed to the development of a mining ecosystem in recent years after it was announced that the sector generated revenues of US$194 million in 2021.
Speaking at the Investing in African Mining Indaba yesterday, Alkhorayef said that Saudi Arabia has incentivised innovation to create a smart mining environment while taking care of talents and human capital to drive mining success.
Ahead of the Cape Town conference, the Ministry announced the mining industry’s record revenue return, in addition to attracting investments worth over $8 billion. The Ministry added that it Is working on stimulating further investments in mining worth $32 billion.
“The infrastructure required to support mining is of tremendous importance for the success of the mining sector. We are developing it to bring in investment opportunities for the sector,” Alkhorayef said in a ministerial keynote address at Mining Indaba yesterday.
Saudi Arabia has in the last few years worked to improve the attractiveness of its mining sector to investors, bringing in a new, sector-leading mining investment law and publishing an updated geological database.
The Ministry is also midway through a licencing tender for companies keen on exploring the 350km2 Khnaiguiyah site in Western Saudi Arabia. Khnaiguiyah is prospective for vast zinc and copper mineralisation.