Saudi Arabia to auction mining blocks in 2021, govt official says

The Kingdom of Saudi Arabia is making a huge push to further develop its mining sector and will hold an auction of several blocks next year, according to a government official.

The move is part of the country’s Vision 2030 programme, which aims to drive economic diversification away from oil and gas, with the kingdom identifying mining as the third pillar for the Saudi Arabian economy. The government estimates that the country's mining sector has an untapped value of $1.3 trillion.
“Certain mining blocks will be made available to investors in a public auction process during 2021,” Saudi Arabia’s deputy minister of mining affairs, Khalid Al-Mudaifer, told delegates at this week's virtual Mines & Money conference.

Al-Mudaifer said the country has also launched a geological survey that will continue for six years in three phases, covering 600,000 square km and analyzing more than 100,000 rock samples....


Andrea Hotter

December 02, 2020

18:15 GMT

New York