Economy

Saudi Arabia nearly doubles estimate for the value of its mineral resources

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Saudi Arabia's minerals minister discusses the kingdom's push to become a global mining player

Saudi Arabia nearly doubled the estimate for the value of its mineral resources and is seeing lucrative deals signed during its Future Minerals Forum held in Riyadh this week, ministers told CNBC.

Estimates for the kingdom’s untapped mineral reserves have jumped from $1.3 trillion in a 2016 forecast to $2.5 trillion, according to Saudi Mineral Resources and Industry Minister Bandar Al Khorayef. The resources include gold, copper, phosphate and rare earth elements, offering new sources of subterranean wealth on top of Saudi Arabia’s mammoth oil reserves.

“We are very excited about this news … it’s really a result of what we have been doing in the last four years,” Al Khorayef told CNBC’s…



Source cnbc.com

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