Saudi Arabia is seeking investment from Australian miners to support its $170 billion plan to build a mining industry and diversify its oil-dependent economy this decade.
Saudi Arabia is seeking investment from Australian miners to support its $170-billion plan to build a mining industry and diversify its oil-dependent economy this decade.
Saudi Arabia is pursuing a Vision 2030 project to reduce reliance on fossil fuels and embrace industries from mining to renewable energy and manufacturing. Of the $170 billion sought for mining, it envisages about 60% will come from private companies and the rest from state-owned entities. Saudi investors are “interested in this sector”, he said, but the country lacks domestic mining expertise and “you need to have partners who understand the sector quite well, and know how to utilize the resources.”Saudi Arabia’s small mining industry is dominated by state miner Saudi Arabian Mining Co., commonly known as Maaden. The country should emulate Australia’s model of junior, private-sector miners that develop riskier and early-stage mines, the minister said.
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