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Saudi mining firm to invest $319m to build four factories

Factory, Building, Architecture Unsplash.com
The company’s expansion will allow it to introduce new product lines

Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah.

He stated that the company owns a land bank of 92,000 square meters that can take up to five factories.

Founded in 2011, Astra Mining operates a factory in Al Kharj Industrial City, producing calcium oxide, calcium hydroxide, and dololime.

Al-Jabrah said that the expansion plans will require an investment ranging from SR800 million to SR1.2 billion.

The company’s expansion will also allow it to introduce new product lines that will depend on the mineral resources provided.

Astra Mining has been producing 100,000 metric tons of industrial minerals annually since its inception and has recently expanded to 280,000 metric tons per year.

Earlier Saudi mining minister Bandar bin Ibrahim Al-Khorayef said that the kingdom has unused mineral resources worth about $1.33 trillion, with vast quantities of aluminium, phosphate, gold, copper and uranium.