Saudi Mining Returns Achieve Highest Level on Record

Business

December 28th, 7:36am

Riyadh - Asharq Al-Awsat

Mining revenues this year went up by 27% between January and October, compared to the same period in 2020, Asharq Al-Awsat

Over the last ten months, the Saudi mining industry has achieved its highest revenues on record, with returns exceeding SR 724 million ($193 million). The Ministry of Industry and Minerals Resources said in a statement carried by Saud Press Agency that revenues of the mining sector exceeded SR724 million ($192.8 million) in the first ten months of the year, with 690 mining licenses issued this year. Mining revenues this year went up by 27% between January and October, compared to the same period in 2020, Saudi Press Agency reported. Under Vision 2030, mining is the third pillar of Saudi Arabia’s economic development, after energy and petrochemicals, as it aims to diversify the country’s economy away from dependency on oil. The mining sector is expected to create thousands of jobs in the Kingdom in the coming years with the goal of 256,000 geologists, engineers, and others by 2030. This year’s issued licenses included 517 building materials quarrying licenses, 143 exploration licenses, and 30 exploration licenses. The total number of valid mining licenses to date was estimated at 1,913. Riyadh peaked with the largest number of valid building materials quarry licenses amounting to 388 licenses, followed by Makkah with 373 licenses, while Al-Madinah had 210 licenses, the report showed. The licenses were given for crushers, gold, associated minerals, sand, gravel materials and granite blocks. Moreover, the ministry, represented by the Mining Supervision Agency, recently carried out 209 field inspections on several mining sites in various regions of the Kingdom during the month of November. It issued 104 penalties for facilities violating the mining investment system. The ministry indicated that violators who work without regular licenses constitute the largest percentage of the number of penalties issued. Also, the ministry reaffirmed that it would continue to hold inspections to ensure that the sector remains protected.

from Asharq AL-awsat https://english.aawsat.com/home/article/3382561/saudi-mining-returns-achieve-highest-level-record