Saudi Arabia is accelerating its metal mining plans as part of a broader strategy to reduce its reliance on oil. The kingdom has signed multiple agreements with firms from China, India, and Australia, aiming to diversify its economy and attract foreign investment. Notably, Ma’aden, Saudi Arabia's mining giant, acquired a 9.9% stake in Ivanhoe Electric in May 2024, marking a significant step in its international investment strategy [a625007c].
The value of Saudi Arabia's mineral resources has been revised from $1.3 trillion in 2016 to an impressive $2.5 trillion as of January 2024. This revision reflects the kingdom's commitment to enhancing its mining sector, which is projected to contribute significantly to the economy. The Vision 2030 program aims to boost the mining sector's GDP contribution from $17 billion in 2016 to $75 billion by 2035 [a625007c].
In addition to these developments, Saudi Arabia is also focusing on producing 500,000 electric vehicles annually by 2030, further aligning its mining ambitions with global trends towards sustainability and renewable energy. Recent deals include a $2 billion agreement with Vedanta for a copper smelter, which underscores the kingdom's aggressive push into the mining sector [a625007c].
Moreover, the Ministry of Industry and Mineral Resources has invited bids for six new high-value mining opportunities, covering over 940 sq. km. These include sites in the Najran region, which are rich in copper, zinc, and gold minerals. The ministry's initiatives are part of a broader strategy to create 2.1 million jobs in the industrial and mining sectors, working closely with universities and educational institutions to develop the necessary skills in the workforce [fbf36973][c5d277c4].
As part of its commitment to enhancing the non-profit sector, the Ministry of Energy has also signed a memorandum of understanding with the Associations Support Fund to establish an energy sub-sector fund aimed at supporting non-profit associations focused on energy [fbf36973]. This multifaceted approach highlights Saudi Arabia's ambition to not only diversify its economy but also to foster sustainable development across various sectors.