Global expert praises Saudi Arabia’s mining investment environment

Global expert praises Saudi Arabia’s mining investment environment

A renowned global mining expert praised the steps taken by Saudi Arabia to develop the investment environment for the mining sector, expecting that the Kingdom would, by the next decade, be a leading player in the sector alongside China.Robert Friedland, Founder and Co-Chairman of the Canadian Ivanhoe Mines Company, made the above comment on Monday while speaking at the Bank of America Commodities Conference in Riyadh, according to the Saudi Press Agency (SPA).

For the latest headlines, follow our Google News channel online or via the app.Mining is one of the sectors that has been identified for expansion as part of Vision 2030 initiated by Saudi Arabia’s Crown Prince Mohammed bin Salman.Saudi Arabia’s Ministry of Industry and Mineral Resources has outlined plans to attract $32 billion of investment into the mining sector. The ministry’s target would fund nine mining projects for midstream minerals and metals, said Industry and Mineral Resources Minister Bandar al-Khorayef, according to a statement in early May this year, according to Reuters.Friedland said that these regulatory and legislative steps and measures would attract major investments to the mining sector, noting that the Kingdom aims to exploit its mining resources at the maximum possible value by increasing value chains,