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17:56 GMT
RIYADH, Jan 10 (KUNA) -- The estimated mineral wealth value of Saudi Arabia increased by 90%, to reach an equivalent of USD 2.5 trillion, it was announced Wednesday.
Compared to the 2016 USD-1.3-trillion estimate, the current staggering figure is due to discoveries of rare earth elements and transition metals such as phosphate ore, zinc, and gold, said Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef. He was speaking at the opening the two-day third Future Minerals Forum, held under patronage of Custodian of the Two Holy Mosques King Salman Bin Abdulaziz at the King Abdulaziz International Convention Center in Riyadh.
The Ministry of Industry and Mineral Resources said that 30% of the geological survey work in the Arabian Shield region was completed, and that the results will be available in the national geological database.
The General Program for the Geological Survey Initiative aims to raise the quality of data and the accuracy of geological maps, to enhance and facilitate the exploration of mineral resources in the Kingdom, Alkhorayef noted. (end)
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