Al-Naimi: Saudi Arabia invests $ 50 billion in mining

The Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi stressed that Saudi total investments in mining field amounted to about $ 50 billion, indicating that the total mining licenses granted to exploit the mineral resources in the Kingdom of Saudi Arabia amounted to 1,700 licenses covering an area of more than 73,000 square kilometers. Addressing the 12th International Arab Conference on Mineral Resources here today, Al-Naimi described the Kingdom's experience in mining sector as a pioneering one due to the support of the Government of the Kingdom under the leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for the sector to exploit minerals, manufacture them, increase their contribution to the economic diversification of the Kingdom, and replace imported by local mineral ores. He commended the gigantic projects to establish mining manufacturing industry in the Kingdom and the export of manufacturing products at Ras Al-Khair Mining City which specializes in alumina, aluminum, phosphate fertilizers and a number of manufacturing industries associated with them, pointing to King Abdullah project to develop the city of Wa'ad Al-Shamal (North Promise) for mining industries.