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Saudi Arabia's abundant mineral wealth, estimated at SR9.4 trillion

Saudi Arabia's abundant mineral wealth, estimated at SR9.4 trillion ($2.5 trillion), presents a crucial opportunity to expand non-oil revenue streams alongside the oil and petrochemical industries.

RIYADH: Saudi Arabian Mining Co., the largest multi-commodity mining and metals company in the Middle East, is set to raise the company’s capital by 50 percent to SR36.91 billion ($9.84 billion), according to a filing to Saudi Arabia’s stock exchange. The capital will be raised through a one-for-two bonus share distribution, and the capital top-up will be financed through

Saudi Arabia issued more than 2,000 mining licences last year, of which the lion's share went to the building materials and quarry sector, followed by exploration and exploitation, said a report. Region wise, Riyadh got the largest number of licences.

The number of valid mining licenses in the sector reached 2,272 by the end of December 2022, the report says. Building material and quarry licenses took the lion share, at 1,383, followed by exploration licenses (635), exploitation licenses (178), reconnaissance licenses (43) and surplus mineral ore licenses (33).