Saudi Arabia’s Ministry of Industry and Mineral Resources (MIMR) and the Diriyah Gate Development Authority (DGDA) have signed a memorandum of understanding (MoU) to regulate the country’s mining businesses. Under the MoU, both parties will enhance cooperation in all common fields that serve the various sectors related to regulating mining works in the Kingdom.
Both the MIMR and the DGDA will work to develop mechanisms to help monitor violations within the supervisory scope of the authority. Both parties will also be sharing the relevant data and studies, including exchanging geotechnical and geophysical data and studies, to locate quarries to obtain the necessary materials for building the authority's projects of a unique urban character.
Currently, the Kingdom is processing 145 exploration license applications sent in by foreign companies, according to the analysis. According to geological surveys dating back 80 years, the Kingdom is thought to have an estimated reserve of untapped mining potential valued at $1.3 trillion. Meanwhile, with the prices of valuable minerals rising, especially gold, copper and zinc, the true value of the Kingdom’s current mineral wealth could be double that figure.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Both the MIMR and the DGDA will work to develop mechanisms to help monitor violations within the supervisory scope of the authority. Both parties will also be sharing the relevant data and studies, including exchanging geotechnical and geophysical data and studies, to locate quarries to obtain the necessary materials for building the authority's projects of a unique urban character.
Currently, the Kingdom is processing 145 exploration license applications sent in by foreign companies, according to the analysis. According to geological surveys dating back 80 years, the Kingdom is thought to have an estimated reserve of untapped mining potential valued at $1.3 trillion. Meanwhile, with the prices of valuable minerals rising, especially gold, copper and zinc, the true value of the Kingdom’s current mineral wealth could be double that figure.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
