Saudi Arabia, the world’s leading producer and exporter of petroleum and natural gas, has announced its first-ever Future Minerals Summit for September 18-19. The summit is aimed at promoting Saudi Arabia as a destination for mining exploration and attracting international investors to the country’s mining sector. Representatives from Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources will offer introductory remarks welcoming participants.
The summit will also feature a series of presentations on key topics such as:
Saudi Arabia Mining Opportunities;
Saudi Arabia Mining Investment;
Developing Saudi Mining Laws;
Mining Legislation in Saudi Arabia;
Regional Dynamics: Gulf Cooperation Council (GCC) Countries;
Characteristics of Mining Exploration in Saudi Arabia.
Saudi Arabia’s First-Ever Future Minerals Summit
Saudi Arabia has announced its first-ever Future Minerals Summit for September 18-19.Representatives from Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources will offer introductory remarks welcoming participants.
The summit will also feature a series of presentations on key topics such as:
Saudi Arabia Mining Opportunities;
Saudi Arabia Mining Investment;
Developing Saudi Mining Laws;
Mining Legislation in Saudi Arabia;
Regional Dynamics: Gulf Cooperation Council (GCC) Countries;
Characteristics of Mining Exploration in Saudi Arabia.
Mining Opportunities in Saudi Arabia
Saudi Arabia is home to rich mining opportunities, including rare earths, gold, silver, copper and iron ore.
The kingdom also has vast deposits of phosphate rock that provide the raw material for phosphate fertilizers.
However, Saudi Arabia’s mining sector has not yet taken off because there is no legislative framework governing exploration rights. The country is in need of a clear legal framework to regulate the industry and attract international investors.
Saudi Arabia has already taken steps to establish sustainable development goals for its mining sector through the Mining Development Strategy 2020 or “MDS2020.” The strategy will be executed by 2030 with the goal of creating 500 jobs in the mining sector per year.
Mining Investment Opportunities in Saudi Arabia
Saudi Arabia is the world’s leading producer and exporter of petroleum and natural gas. The Saudi government has announced its first-ever Future Minerals Summit for September 18-19, which is aimed at promoting Saudi Arabia as a destination for mining exploration and attracting international investors to the country’s mining sector.
The summit will also feature a series of presentations on key topics such as:
Saudi Arabia Mining Opportunities;
Saudi Arabia Mining Investment;
Developing Saudi Mining Laws;
Mining Legislation in Saudi Arabia;
Regional Dynamics: Gulf Cooperation Council (GCC) Countries;
Characteristics of Mining Exploration in Saudi Arabia.
Developing Saudi Mining Laws
One of the topics to be discussed at the summit is developing mining laws in Saudi Arabia. A new law, which was approved by the King and announced on March 20, is expected to foster investments in mining exploration and development by providing a legal framework for mineral extraction.
The law establishes a framework for an exploration phase as well as a post-exploration stage. It also addresses issues such as fiscal terms, public bidding, and arbitration.
Saudi Arabia Mining Opportunities
In addition to the new legislation, Saudi Arabia offers opportunities for miners who are seeking minerals such as gold, copper, zinc and bauxite. The kingdom has a variety of mineral deposits that have not been fully exploited yet by international miners due to regulatory uncertainty or opacity around ownership rights. According to some estimates, Saudi Arabia could have more than $300 billion worth of unexploited minerals waiting underground for discovery.
This September 18-19 Future Minerals Summit seeks to promote investment opportunities in mining exploration and development through an introduction of the Kingdom’s geological history and current energy needs; its mining sector; regulatory reforms; fiscal terms; public bids; qualifications; licensing requirements; impact on safety and the environment and related issues.
Mining Legislation in Saudi Arabia
Saudi Arabia is a mining-friendly destination with a number of laws and regulations in place to support the exploration and development of mining projects. In recent years, Saudi Arabia has established a legal framework for both private and public mineral exploration.The government has also designated certain regions as priority mining zones due to their high mineral potential, including the Al Jouf region in northern Saudi Arabia. The Kingdom intends to build capacity in the sector by attracting international investors, technology suppliers and specialized service providers.
Regional Dynamics: Gulf Cooperation Council (GCC) Countries
The Gulf Cooperation Council (GCC) countries are Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and United Arab Emirates. These countries have a combined population of about 230 million people in the GCC region.
Saudi Arabia is the world’s leading producer and exporter of petroleum and natural gas. When Saudi Arabia agreed to OPEC production cuts in November 2016 it was partly because it wanted to curb oil prices in order to stimulate economic growth in the region.
The GCC countries also include Bahrain, Kuwait, Oman, Qatar and United Arab Emirates which produce significant amounts of oil and natural gas themselves. The GCC has been heavily dependent on these resources for economic growth but is now looking for ways to diversify its economy away from hydrocarbons.
Characteristics of Mining Exploration in Saudi Arabia.
Saudi Arabia has significant mineral exploration potential, with known reserves of copper, gold, zinc, silver, iron ore and phosphate.Saudi Arabia has been investing heavily in mining exploration for decades. In 2013 alone, Saudi Arabia spent $2 billion on mineral exploration projects.
Saudi Arabia has a number of other geological factors that favor mineral exploration including:
The presence of minerals below ground water level;
Abundant surface water resources;
Low levels of seismic activity;
A relatively small population compared to other countries with large mineral reserves.