MELBOURNE — The Saudi Ministry of Industry and Mineral Resources has recently released details of its progress delivering its long-term global mining strategy here, during the International Mining and Resources Conference and Expo (IMARC) which ended here on Oct. 31. The theme for the strategy is “Mining Vast Potential”.

Originally named one of the most promising new growth sectors in Vision 2030, an ambitious program designed to transform the Kingdom’s economy, the ministry has made great strides toward increased exploration and investment in the mining sector. The recent announcement provides details of the work already done and plans for how to accelerate economic growth in the future.

“The Arabian Peninsula has long been known for its mineral richness, and building on that unique strength, we see an even brighter future for mining in Saudi Arabia,” said Saleh Alaqili, deputy minister for Mining Investment Development and leader of the Saudi delegation to IMARC. “Our long-term mining strategy is focused on driving economic diversification and growth for the Kingdom, while offering exciting exploration and investment opportunities.”

Saudi Arabia’s mining strategy is built around the development of integrated mineral value chains that will elevate the sector to become the third pillar of Saudi industry.

The ministry has identified four drivers of Saudi Arabia’s mining strategy and has committed nearly $4 billion to advancing them.

• Improving sector governance by establishing a new overarching mining law

• Digitizing critical processes and services

• Making the most accurate geological data accessible

• Sustainability.

“We have aggressive goals over the course of the next 10 years to deliver a valuable, sustainable mining sector for Saudi Arabia,” said Alaqili. “We welcome the world to work with us to deliver maximum value from our rich mineral resources.”

The Ministry of Industry and Mineral Resources is responsible for advancing the Kingdom of Saudi Arabia’s mining sector. Its vision is to develop integrated mineral value chains and become the third pillar of Saudi industry. — SG