His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, announced today, Wednesday, that the estimated value of mineral resources in the Kingdom has risen 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.

Al-Khuraif confirmed during his opening remarks at the International Mining Conference in its third edition, that this increase consists of additional quantities including new discoveries of rare earth elements and transition metals, in addition to massive increases in phosphate ore and other minerals such as: copper, zinc, gold, and other minerals. The increase also includes a reassessment of fair market prices.

The Minister of Industry also emphasized the wise leadership’s—may God support them—commitment to the conference’s success and its achievement of the world’s desired goals, expressing gratitude for the active participation and attendance of a number of leaders and decision-makers in the industrial sector from various countries around the world.

His Excellency noted that the announced results stem from efforts made over the past years in exploration and geological surveying, in addition to significant efforts in issuing mineral exploration licenses, which have quadrupled over the past three years compared to the number of licenses issued during the six years preceding the enactment of the new mining investment law. This law contributed to increasing exploration spending from 70 riyals to 180 riyals per square kilometer, which underscores the viability of investing in mineral exploration operations.