- Mining revenues soar by 35%
Saudi Arabia expects its gold production to more than double to around one million ounces in 2030 as it is stepping up mineral exploration activities following the enforcement of a new mining investment law, the Kingdom’s Industry and Mineral Resources Minister was reported on Friday as saying. Bandar Al-Khorayef said the world’s largest oil exporter has launched a geological survey programme worth nearly 1.7 billion Saudi riyals ($453 million) for the exploration of minerals, adding that spending in 2023 alone stood at SAR370 million ($100 million).In comments at a Riyadh industry seminar published by Al-Madina and other Saudi newspapers, the Minister said the Kingdom’s mining drive is paying off, with the sector’s revenues surging by 35 percent to an estimated SAR1.8 billion ($480 million) in 2023 (Writing by Nadim Kawach; Editing by Anoop Menon)(anoop.menon@lseg.com)Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa
