Saudi Arabia is continuing its efforts to enhance its production of minerals.
The main Saudi Press Agency reported today that more 1,290 factories are now producing mineral items in Saudi commercial cities, mentioning the Saudi Authority for Industrial Cities and Technology Zones, aka Modon. Increased domestic and worldwide financial investment assisted increase the variety of mineral factories, according to Modon.
Saudi Arabia boasts the biggest mineral reserves in the Middle East. The kingdom is especially abundant in gold, silver, lead, and tin, to name a few, according to the Riyadh-based National Industrial Development Center.
The production of minerals is a huge part of Saudi Arabia’s Vision 2030, which is an undertaking to diversify the Gulf state’s economy far from reliance on oil.
To this end, the Saudi Ministry of Industry and Mineral Resources revealed today the start of licensing quotes for mineral expedition in the recently-discovered Khnaiguiyah deposits in main Saudi Arabia, Yahoo! Financing reported.
Saudi Arabia prepares to auction a minimum of 3 mining licenses in 2022, consisting of for the deposits in Khnaiguiyah. These deposits consist of an approximated 26 lots of copper and zinc, Saudi mining minister Bandar Al-khorayef informed Reuters the other day.
Saudi Arabia is looking for $170 billion in mining financial investment by 2030, according to the monetary news website Bloomberg.