Under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the third edition of the International Mining Conference kicked off today at the King Abdulaziz International Convention Center in Riyadh, which lasts for two days. His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, stressed during his opening speech the keenness of the wise leadership - may God support them - for the success of the conference and its achievement of the desired goals for the world, praising the active participation and attendance of a number of leaders and decision makers in the industrial sector from different countries of the world.

High value of estimated mineral resources in the Kingdom

He announced that the value of estimated mineral resources in the Kingdom increased by 90% to reach the equivalent of 9.375 trillion riyals, compared to the estimates announced in 2016, which at that time amounted to 5 trillion riyals.

He emphasized that this increase in the value of the estimated mineral resources in the Kingdom is the equivalent of 9.375 trillion riyals. <He emphasized that this increase is additional quantities that include new discoveries of rare earth elements and transition metals, in addition to huge increases in phosphate ore, and other minerals such as: Copper, zinc, gold, and other minerals, and the increase also includes a reassessment of fair prices.

His Excellency pointed out. His Excellency pointed out that the results announced are the result of the efforts made during the past years in exploration and mining geological survey operations, in addition to the great efforts in issuing mineral exploration licenses, which have quadrupled during the past three years, compared to the number of licenses during the six years before the issuance of the new mining investment system, which contributed to raising the amount of spending on exploration from 70 riyals to 180 riyals per square kilometer, which confirms the feasibility of investing in mining exploration operations.

30% of geological survey work in the Arabian Shield

The Ministry of Industry and Mineral Revolution announced the completion of 30% of geological survey work in the 700,000 square kilometer Arabian Shield region, the results of which will be available on the national geological database on an estimated size of more than 10 terabytes, as an incentive for investment in the field of mining.

Ministry of Industry and Mineral Revolution has announced the completion of 30% of geological survey work in the Arabian Shield region, which covers an area of 700,000 square kilometers, the results of which will be available on the national geological database. The initiative of the General Program for Geological Survey aims to raise the quality of data and accuracy of geological maps to enhance and facilitate the exploration of mineral resources in the Kingdom and achieve optimal exploitation as a result of the development of the new mining investment system, so that the mining sector becomes the third pillar of the national industry in the Kingdom, in accordance with the objectives of the comprehensive strategy for mining and mining industries and the National Industry Development and Logistics Program.