RIYADH: Saudi Arabia’s mining firm Golden Compass signed contracts worth SR500 million ($133 million), according to its CEO.
The contracts related to Mining operation, drilling, and mining and exploration consultation, Meshary Al-Ali told Arab News.
Saudi Arabia’s has a very flexible and very transparent system, and it’s one of the most powerful in mining around the world, Al-Ali added.
Saudi Arabia has issued a new minig law to attract investment this year. Investment interest in Saudi mining has skyrocketed this year 2021, Khalid Al-Mudaifer, vice minister for mining affairs at the Ministry of Industry and Mineral Resources (MIM) told Arab news last month.
The ministry issued 133 local exploration licenses, and there are applications for international exploration that are under processing, Al-Mudaifer said.