According to reports by CNN and S&P Global, Saudi Arabia claimed that it has mineral reserves worth about $2.5 trillion.
The country said its reserves include rare earth elements, gold, copper, zinc, and lithium. These minerals could help Saudi Arabia reduce its dependence on oil. There are metals like dysprosium, terbium, neodymium, and praseodymium that are also part of it. These help to grow the industry of electric vehicles, wind turbines, and advanced computers.
S&P Global reported that most of Saudi Arabia’s mining investment is still focused on gold and copper. Only a small part of the budget goes to exploring rare earth minerals.
Experts say Saudi Arabia is still far behind major global producers of rare earth elements. Abigail Hunter from SAFE said mining takes a long time. She explained that building a processing plant can take several years, and full development can take decades.
The mining push is part of Saudi Arabia’s Vision 2030 plan. The goal is to grow the economy and reduce reliance on oil exports.
Although mining is much smaller than the oil sector, Saudi Arabia is believed to have about 40 years of gold and copper reserves. Saudi Arabia is also investing in mining projects outside the country. Reuters reported that a Saudi partner may invest in a rare earth mine in Greenland.
Under the plan, Saudi Arabia would process part of the minerals, while most of the supply would go to the United States and Europe.
The Saudi Public Investment Fund is also working to strengthen its mining company, Manara Minerals. The aim is to build technical expertise and support long-term mining projects.
