Saudi Arabia vows to be ‘fast and furious’ in mining as it reveals $100 billion investment.

Saudi Arabia is pushing ahead to put itself on the global critical minerals map, announcing a number of deals, investment plans and discoveries at its annual Future Minerals Forum in the capital Riyadh.

Saudi Vice Minister of Mining Affairs Khalid al-Mudaifer announced Wednesday the development of a new mineral investment project valued at $100 billion, and that $20 billion of it was already in the final engineering phase or under construction.

In early 2024, the kingdom’s Ministry of Industry and Mineral Resources increased its estimate of the value of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in January 2024, the Saudi government established a $182 million incentive program for minerals exploration.

Source: CNBC