Saudi Arabia’s Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources, Eng. Khalid Salih Al-Mudaifer has opened the workshop titled “Explore Mining Sector Future in Kingdom of Saudi Arabia”, which is held by the Ministry in collaboration with the Ministry of Investment and the Embassy of the Republic of South Africa.
The workshop, attended by the Ambassador of the Republic of South Africa to the Kingdom H.E. Cosbert Themba Rubushe, intends to attract investments to the Saudi mining sector. Further, it aims to introduce South African investors to investment opportunities in the Kingdom.
During his inaugural speech, the Vice Minister spoke about numerous initiatives the Kingdom has launched to develop the mining sector and maximize the value of the country’s mineral wealth, which is estimated approximately at $1.3 trillion.
The Saudi Ministry spoke about exploration opportunities that will be launched in the form of future licenses similar to the license of “Khnaiguiyah”. The licenses include minerals such as copper, zinc, gold, silver, and lead. Mr. Al-Mudaifer said that “numerous investment opportunities will be announced during the conference and will be made available for domestic and international investors.”
According to the World Bank, “75 percent of global spending on mineral exploration goes to only ten countries, none of which is in Africa, the Middle East, the western and central Asia, although there are vast untapped areas replete with potential resources and mining wealth.”
During the meeting, Mr. Al-Mudaifer invited investors to the Annual Forum of Future Minerals, which the Kingdom will host in January 2023 and will bring together representatives from over 100 countries to share their experiences and promote regional investment opportunities.3
As per the statement, the Ministry will take part in the ‘Investing in African Mining INDABA’, which will take place between 9 and 12 May 2022 in Cape Town, Republic of South Africa.
