Saudi Geological Survey plans to offer raw mineral exploitation projects to private sector

(REUTERS)

JEDDAH: The Saudi Geological Survey (SGS) has revealed a plan to offer projects to the private sector aimed at exploiting mineral resources and sourcing raw materials locally instead of importing them, Aleqtisadiah newspaper reported.
SGS Chairman Zuhair Nawwab said the plan would be implemented after a feasibility study is completed to confirm that raw minerals are available in sufficient quantities.
Speaking on the sidelines of the first scientific symposium on industrial minerals and mining in Saudi Arabia at the SGS offices in Jeddah, Monday, he said that the plan is in line with the state’s Vision 2030 and its bid to diversify income sources and reduce dependence on oil.
Abdulrahman Bahawi of the SGS Department of Studies and Research said the symposium discussed how companies import raw materials that can be found in the Kingdom itself but remain unexploited. The market is being studied, including the quantities of minerals which exist in the country so as to identify the requirements of local industries, he said.
He said that producing raw materials domestically could cover local market demand if the raw products are found to be of good quality and in sufficient quantities.