RIYADH: Saudi Arabia’s mining sector could add SR240 billion ($64 billion) to the Kingdom’s GDP by 2030, the chief executive of a Najran-based mining firm told Argaam.
This represents a huge leap from the current contribution of SR64 billion, according to Yahia AlShangiti, CEO of AMAK.
Under the Saudi Vision 2030 development plan, mining is positioned as the third pillar of the Kingdom’s economic development, after energy and petrochemicals, as it aims to diversify the economy away from a reliance on oil.
National Industrial Development and Logistics Program — a program created to support that vision — estimates the Kingdom’s untapped mineral deposits at $1.3 trillion.
The strategy will lead to a SR37 million decrease in imports as well as add 219,000 job opportunities to the Kingdom’s labor market, AlShangiti said.
AMAK, formally known as Al Masane Al Kobra Mining Co., aims to expand its projects across the regions of Asir and Najran, and other provinces in the Kingdom, he added.
The firm’s annual production capacity is currently around 40,000 ounces of gold, 8,000 tons of copper, and 25,000 tons of zinc, according to the executive.
AlShangiti concluded that the world is witnessing a rising demand for minerals and the revenues of international mining companies is anticipated to cross $500 billion.
