Saudi Arabia expects its mineral wealth to exceed an earlier estimate of $1.3 trillion as the kingdom plans to triple spending on metals exploration over the next three years. Abdullah Al-Shamrani, chief executive of the Saudi Geological Society, said the previous estimate was made a few years ago when prices were lower. Now that we have seen prices increase, the forecast for mineral resource prices is expected to increase due to the demand for these materials. The number of mining sites in the kingdom may exceed 5,500.

The goal is now to nearly triple exploration spending per square metre to SR220 ($58.7) over the next two to three years. The increased spending will "accelerate the achievement of mining industry goals" and help discover more locations. Al-Shamrani said the kingdom is "actively" exploring. Asked about the major minerals Saudi Arabia has, the CEO said: "We're talking about cobalt, lithium, titanium, rare earths - all of which, if used effectively, will make the future more sustainable. The future is talking about Renewable energy, and Saudi Arabia owns these minerals.” They are critical to the global transition to clean energy, he said. Other strategic minerals include copper, zinc and silica, the latter of which is one of the most concentrated in the world. However, the kingdom is rich in renewable energy-related minerals.

“When we talk about minerals in Saudi Arabia, we are talking about about 48 minerals. Some of them are very critical to global demand,” he said. Some minerals, such as phosphates used in fertilizers, are important for achieving goals such as food security. He confirmed the kingdom's "very good potential" for specific minerals, including gold and silver. When asked why the mining industry seemed to take a back seat in previous years, Al-Shamrani replied that exploration spending over the past decade has not been enough to focus on the investment potential of the industry. “But when Vision 2030 stated that mining should be the third pillar of the country’s industry, a lot of money was poured into mining — about 3.8 billion riyals.” The spending was aimed at investing in the industry, he said. , to identify opportunities across the country. Keywords: engineering construction, engineering news

The CEO hopes that at the Future of Minerals Forum, attendees will be able to agree on three points. The first is to calculate the demand for minerals over the next 10 to 30 years. The second is to see how to meet these needs. The third is to ensure that there is more awareness about sustainability and efficiency. Saudi Arabia is trying to attract local and international investors in terms of mining opportunities. Al-Shamrani assured international investors that the industry will follow ESG guidelines. He said the mining industry was being affected by certain conditions as the kingdom pursued its 2060 vision to reduce its carbon footprint. “We understand the challenges facing the mining industry,” Al-Shamrani said.Editor/XingWentao