RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has said that transparency is the key to attracting investment in the kingdom’s mining sector, Arab News reported.

Speaking at a post-budget forum in Riyadh, Alkhorayef said Saudi Arabia is committed to the environmental, social, and governance concepts in all sectors, including mining.

He said mining is the third pillar of Saudi Arabia’s development plan.

The number of mining complexes in Saudi Arabia has reached 360, according to recent official data.

The minister said the kingdom has launched several initiatives to boost the sector and to streamline it to attract more investments.

In January earlier this year, the kingdom moved to capitalise on the vast wealth hidden below ground in Saudi Arabia with the establishment of a mining fund and support for geological surveys and exploration program activities.

Studies have estimated $1.3 trillion in reserves of phosphates, gold, copper, zinc, nickel, rare earth metals, and other minerals.

The kingdom has already attracted major international investors, including US firm Alcoa Corp, which has a 25.1 per cent stake in Ma’aden Bauxite and Alumina Co, and Ma’aden Aluminium Co, as part of $10.8 billion joint venture with Saudi miner Ma’aden, located in Ras Al-Khair Industrial City in the eastern province.

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