Saudi Arabia to spend $2.3 billion on mining gold and phosphates
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide
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An employee walks in a phosphate storage facility in the Maaden Aluminium Factory in the Ras Al-Khair Industrial area
Saudi Arabia’s Ma’aden mining company is preparing to make major new investments this year to draw gold and phosphates from the kingdom’s vast desert territory.
The Saudi government plans to spend close to $2.3 billion on mining projects for the precious metal and minerals as part of its Vision 2030 blueprint for diversifying the economy and reducing its reliance on oil revenue, Zawya reports, citing the Almal newspaper.
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide. Those reserves, together with gold and other metals underground, are estimated to be worth more than $2.5 trillion.
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide. Those reserves, together with gold and other metals underground, are estimated to be worth more than $2.5 trillion.