Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth

A miner at work in the Al Amar gold mine, southwest of Riyadh, Saudi Arabia. (Reuters)
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Updated 15 October 2020

Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth

  • The Regional Geological Survey Program (RGP) aims to conduct a series of surveys over the next six years that are set to provide new opportunities for international mining investors
  • The plan has a budget of SR2bn and is being driven by the Saudi Geological Survey which will survey an area of 600,000 km2 across the geological formation known as the Arabian Shield

LONDON: Saudi geologists are collaborating with international colleagues to undertake a vast survey of the Kingdom’s mineral reserves, estimated to be worth $1.3 trillion.
The Regional Geological Survey Program (RGP) aims to conduct a series of surveys over the next six years that are set to provide new opportunities for international mining investors.
The plan has a budget of SR2 billion and is being driven by the Saudi Geological Survey which will survey an area of about 600,000 square kilometers across the geological formation known as the Arabian Shield.
“With the assistance of global experts, and our growing expertise, we can unlock the country’s mineral potential and train local and international geologists,” said RGP Director Wadee Kashghari. “This will be supported by the advantage of the country’s unique geological landscape with limited presence of vegetation cover.” 
The survey represents a key component of the mining strategy that forms part of Saudi Vision 2030. It will be conducted in collaboration with technical experts and contractual partners from different countries such as Finland, China, the UK and South Africa.
Some 500 technical staff are working on the program alongside international partners. 
The project also aims to help progress junior geological scientists through in-depth training.

Decoder

The Arabian Shield

The Arabian Shield is the name given to the Precambrian rocks in the western part of the Arabian Peninsula.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.