Saudi Arabia is making a bold move to become a global mining powerhouse, with plans to invest $100 billion in its mining sector by 2035. The announcement was made by Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, at the BMO Global Metals, Mining, and Critical Minerals Conference. $20 billion has already been allocated, reflecting the Kingdom’s strong momentum in this sector.
Mining is a key pillar of Saudi Vision 2030, supported by modernized regulations and strategic initiatives such as the National Minerals Program. The country’s mineral wealth has surged to $2.5 trillion, fueled by rising commodity values and intensified exploration activities.
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Saudi Arabia’s mining industry has witnessed a rapid increase in exploration efforts, with the number of exploration companies soaring from 6 in 2020 to 133 in 2023. Investment in exploration has reached $355 million, with a 32% rise in spending, far outpacing the global average of 6-8%.
By fostering global partnerships and private sector participation, Saudi Arabia aims to position itself as a leader in the critical minerals supply chain, transforming mining into a major driver of economic growth and diversification.