Saudi Arabia aims to boost investment with new mining law
RIYADH - Saudi Arabia's cabinet on Tuesday approved a new mining law that aims to accelerate foreign investment in the sector as part of efforts to diversify its economy away from hydrocarbons.
The new law facilitates investor access to financing and supports exploration and geological survey activities, state news agency SPA said, quoting the minister of mining and industry, Bandar Alkhorayef.
"This will help attract local and foreign investors and eventually raise mining sector participation in gross domestic product (GDP)," he added.
The Saudi government aims to more than triple this sector's contribution to the nation's economic output and to create more than 200 000 direct and indirect jobs in the sector by 2030.
Riyadh's efforts to build an economy that does not largely rely on oil and state subsidies involves a shift towards mining vast untapped reserves of bauxite, the main source of aluminium, as well as phosphate, gold, copper and uranium.
The energy ministry estimates the kingdom's unused mineral resources to be valued at five-trillion riyals ($1.33-trillion).
In April, the cabinet approved setting up a state-owned, joint-stock company for mining services.
Currently Saudi Ma'aden is the kingdom's sole miner, producing gold and copper and has in recent years expanded into the production of aluminium and phosphates. It is 65% owned by the kingdom's Public Investment Fund.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
