Saudi Arabia expects its mineral wealth to exceed earlier estimates of $1.3 trillion as the Kingdom plans to triple spending on the exploration of metals over the next three years, said the head of the organization responsible for assessing its geological potential.
Abdullah Al-Shamrani, CEO of the Saudi Geological Society, said that this prior estimate was made a few years ago when prices were lower.
“Now we have seen that the price is increasing, it is expected that the forecast of [...] prices is going increase because of the demand for those materials,” he said.
He added that the number of mining sites in the Kingdom could exceed 5,500.
The aim is now to almost treble exploration spending per square meter to SR220 ($58.7) within the next two to three years.
Abdullah Al-Shamrani, CEO of the Saudi Geological Society, said that this prior estimate was made a few years ago when prices were lower.
“Now we have seen that the price is increasing, it is expected that the forecast of [...] prices is going increase because of the demand for those materials,” he said.
He added that the number of mining sites in the Kingdom could exceed 5,500.
The aim is now to almost treble exploration spending per square meter to SR220 ($58.7) within the next two to three years.
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