Saudi Arabia has launched a $182 million program to encourage mineral exploration, part of its efforts to diversify the economy away from oil. Announced by Minister of Industry and Mineral Resources Bandar Alkhorayef at the Future Minerals Forum, the initiative aims to attract investments and reduce risks for companies exploring the Kingdom’s vast mineral wealth.
The program will focus on minerals like phosphate, gold, copper, and bauxite, supporting new greenfield projects and encouraging junior miners to explore untapped resources.
“This program will de-risk investments, enabling new commodities, greenfield projects, and junior miners,” Alkhorayef said.
The investment is a key part of Saudi Arabia’s Vision 2030 plan to build a strong mining sector, supporting its goal of becoming a global player in critical minerals needed for the energy transition. According to Reuters, this move strengthens the country’s push to draw both domestic and foreign investment into mining.
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