Saudi Arabia to increase mining revenue to US$64 billion by 2030: Energy Minister

According to a statement made by Saudi Arabia’s Energy Minister Khalid al-Falih on Monday during a mining conference in Cairo, the kingdom aims to raise its mining revenues to US$64 billion by 2030 from current US$17 billion.The kingdom has vast untapped reserves of bauxite, phosphate, gold, copper and uranium and the minerals are considered as key to the Saudi Arabia’s efforts to diversify its economy away from hydrocarbons.

Falih also said studies indicated that the estimated value of the geological reserves in the kingdom exceed US$1 trillion.

“We are seeking to develop the mining sector through the implementation of a comprehensive strategy ... and raise its contribution to GDP from $17 billion to $64 billion, with the generation of 160,000 additional jobs by 2030,” Falih said.

“We have provided many incentives and facilitating measures and we have worked to build a safe investment environment,” he added.

Ma’aden is the leading mining and metal company in Saudi Arabia with operations in gold, aluminium, phosphate and other industrial minerals. In 2009, Ma’aden established a joint venture called Maaden Aluminium with Alcoa, to build the world’s most efficiently integrated aluminium project in Saudi Arabia. This USD 10.8 billion project includes a bauxite mine, a refinery, a smelter and one of the world’s most advanced rolling mills. The Al Ba'itha bauxite mine is located on the Az Zabirah bauxite deposit in Saudi Arabia. At full capacity the mine produces about 4.25Mtpa in order to feed the Ras Al Khair alumina refinery, the only operating alumina refinery in the GCC region. The company reported sales revenue of SAR 12.08 billion in 2017.

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