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Saudi seeks foreign investors to explore vital mineral deposits

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Saudi Arabia has issued about 16,000 new mine licenses with investments estimated at SAR 100 million

Saudi Arabia is seeking foreign investors to help explore strategic and vital minerals utilised in the renewable energy sector, Asharq Al-Awsat newspaper reported, citing vice minister for mining affairs Khalid Al-Mudaifer.

The minister said that opportunities worth SAR 120 billion ($32 billion) were on offer, with both local and foreign investors currently studying prosposals.

About 16,000 new mine licenses with investments estimated at SAR 100 million ($26.6 million) have been issued, Al-Mudaifer added.

The minister noted a significant demand from local and international consortia from the private sector for global auctions for exploration and development of mining in the kingdom.

Saudi Arabia in November announced it is considering setting up a new metals and mining stock exchange index, a senior government official told Reuters.