One of the world’s largest geological surveys, the Saudi Geological Survey (SGS) has signed multi-million dollar contracts to gather the data about the Kingdom’s resources.
According to the details, SGS signed several contracts to carry out projects related to the geological survey general program.
SGS, with the budget for all its stages amounting to SR2 billion (over $530 million), has an objective to gather reliable and accurate data about the Kingdom’s mineral resources, which will help the authorities tap into the vast mineral wealth and lay a solid foundation for a sustainable national economy.
As per the reports, the signing ceremony held under the auspices of the Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef.
In addition to this, the ceremony was attended by Investment Minister Khalid Al-Faleh, Transport Minister Saleh Al-Jasser, foreign envoys, and representatives of the international firms awarded the contracts.
As per the contract, SGS will be collecting and analyzing more than 110,000 samples of valley sediments and heavy metals in the Arabian Shield for the time period of the next 6 years.
The company, with the collection of geophysical data, will also produce various digital geophysical maps, and identify rock formations and evidence of mineralization in the region.