The minister of industry and mineral resources of the kingdom of Saudi Arabia, Bandar bin Ibrahim al-khorayef, revealed that work is underway to recalculate the mineral wealth in the kingdom to come up with a new value that differs from the previous one, which amounts to 1.3 trillion dollars.
Al-khorayef added: We will announce our new estimate of Saudi Arabia's mineral wealth during the international mining conference, which will be held from January 9 to 11, 2024.
The ministry had estimated the value of mineral resources in the Kingdom at more than 1.3 trillion dollars, equivalent to about 5 trillion riyals, including phosphate and bauxite minerals in the Northeast, and gold, copper and rare earth elements in the Arabian Shield in the west of the kingdom.
He pointed out that one of the achievements in the mining sector is the launch of the largest regional geological survey in the world on an area of 700 thousand square kilometers of the Arabian Shield, the survey has shown promising results, and we are working to recalculate the mineral wealth to come up with a new value.