Saudi Arabia rolls out $182 million for mineral exploration
The kingdom is seeking to wean its economy off oil and play a role in the energy transition
A phosphate rock production site at the Maaden Aluminium Factory in Ras Al-Khair Industrial area near Jubail City, Saudi Arabia. (Photo: Getty Images)
As Saudi Arabia seeks to reduce its economic dependence on oil, the kingdom has rolled out a $182 million package of grants aimed at encouraging mining companies to explore for new mineral resources.
The incentive program was announced on Wednesday by the Ministry of Industry and Mineral Resources and the Ministry of Investment.
Close to 50 minerals have been identified in the kingdom, including marble, granite and gold as well as ones crucial to the energy transition like copper and bauxite.
Saudi Arabia has an estimated mineral wealth of $2.5 trillion and is seeking to attract nearly $200 billion in investments in the mining sector by 2030.