Posted 1/10/2024, 2:40:15 PM
Saudi Arabia Doubles Estimate of Mineral Wealth to $2.5 Trillion, Seeks to Diversify Economy Through Mining
- Saudi Arabia has increased its estimated value of mineral resources from $1.3 trillion to $2.5 trillion, a 90% increase based on new discoveries and revaluations
- The country hopes mining will help diversify its economy away from dependence on oil revenues
- Saudi aims to become an "energy-producing country for all sources of energy," not just an oil producer
- The kingdom established Manara Minerals last year to acquire global mining assets, including a 10% stake in Brazil's Vale
- Saudi Arabia seeks more foreign direct investment in mining from the US and resource-rich African countries