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Saudi Arabia is set to inaugurate a SAR85bn ($22.7bn) mining project in the country’s northern region as part of its plans to diversify the economy away from hydrocarbons. To be held later this week, the inauguration ceremony will be attended by King Salman, Reuters reported, citing energy minister Khalid al-Falih’s statement to Al Arabiya TV.
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In 2016 Saudi Arabia put in place aitious plans to raise the value of its mining operations to reach SAR 260bn (US $69.3bn) under Saudi Vision 2030. Currently, the direct and indirect contribution of the sector to the Kingdom’s GDP is estimated to be around SAR 80bn (US $21.3bn), with the sector accounting for 265,000 jobs.
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Saudi Arabian firm begins iron ore exploration in …
SABIC has been aiming to shore up raw material sources for its plant in Saudi Arabia, with surpluses expected to be sold to targeted markets. The agreement has seen the establishment of Mauritania Saudi Mining and Steel Company (TAKAMUL), launched to acquire the necessary mining licenses, carry out feasibility studies and exploration work.
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Iron ore Iron ore production in Russia in 2015 was flat in comparison with 2014 volumes, at 97.6 million tonnes. Capacity utilisation for iron ore in the Russia industry is close to 90-95%, due to stable demand from Russian steel producers and export sales.
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