Saudi Arabia to introduce minerals reserve auction process: Minister

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Saudi Arabia plans to introduce a system for auctions for new reserves of minerals as part of its new mining law, the industry minister said on Wednesday.

The statement was made by Bandar al-Khorayef, the Kingdom's Minister of Industry and Mineral Resources at the Future Minerals Forum.


The minister also said that “Saudi hopes to increase mining's contribution to kingdom's GDP from $17bn to $64bn by 2030.”

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The Future Minerals Forum hopes to “establish a common framework and share best practices to ensure the reliable and responsibly sourced supply of critical minerals for the global transition to net-zero,” according to Khalid al-Mudaifer, the Kingdom’s Vice-Minister of Mining Affairs in a statement to the Saudi Press Agency (SPA).

Officials from the Arab League, Gulf Cooperation Council (GCC), International Renewable Energy Agency (IRENA), United Nations Environment Programme (UNEP) and the World Bank are some global conglomerates taking part in the event.

With Reuters

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