Saudi Arabia is looking to unlock its $ 1.3 trillion mining potential as it gambles on its copper reserves to alleviate looming shortages as the world makes an epic transition to clean energy, but faces challenges it faces. existing mining nations have already settled.
Among these are the challenges facing the world’s largest oil producerUnlocking of an estimated $ 1.3 trillion mineral wealthlogistics and water supply, according to the Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef.
“One of the things the mining industry needs is a lot of infrastructure,” Autumn said in an interview at Bloomberg’s global headquarters in New York on Friday. She added: “This infrastructure can be a road, a railway or a port, to transport the crude from the north of the country to the east to be processed and then shipped.”
The Minister of Industry and Mineral Resources continued: “Water is the key … If we have to find a certain technology to save water, it will be something interesting for us.”
According to Bloomberg, another challenge could be to attract giant mining companies with global experience. Britain’s Moxico Resources Plc has already obtained an exploration license, together with Ajlan Brothers of Saudi Arabia. The volume of concessions offered is also gigantic, with copper resources estimated to be worth $ 222 billion, equivalent at current prices to 1.4 times the global supply of mines in 2021.
Al-Khorayef said Saudi Arabia will award the second tender soon and may start offering a third, which are fast sites and have large reserves ready for commercial exploitation.
According to Al-Khorayef, Saudi Arabia is implementing processes that allow mining permits to be processed within 30 days.
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