BURIED TREASURE

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

GETTY IMAGES

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...