Privatisation of the minerals sector will take place in stages, commencing with mining, according to Minister of Petroleum and Mineral Resources Ali Al-Naimi.
Al-Naimi was speaking on Saturday at a conference on investment in the minerals sector, organized by the Eastern Province Chamber of Commerce and Industry. Al-Naimi said that all current projects would be completed, and then the privatisation process could begin.
The Eastern Province is rich in mineral resources other than petroleum. “Of the total licenses issued, 16% were in the Eastern Province, representing a total investment of SR1.5 billion. In the foreseeable future, the production of several minerals In the Eastern Province will exceed domestic requirements. Exports will be one area in which the private sector can become involved,” he said.
“New mining laws are awaiting Cabinet approval, and once they are approved a future strategy will be decided,” Al-Naimi said.
Saudi Arabia’s mining reserves are considerable. The Jalamid region alone has phosphate reserves of 313 million tons, while the national total is 3.1 billion tons. The Kingdom also has vast manganese, iron, nickel, titanium, silica and calcium carbonate reserves.
Prince Muhammad Bin Fahd bin Abdul Aziz, Governor of the Eastern Province, who opened the conference, urged the private sector to invest in the mining sector. He also appealed to foreign investors to explore joint venture opportunities in the sector.
Source: SPA
