RIYADH: The Geological Survey Program initiatives related to the mining sector are expected to attract investments worth about SR3.8 billion (over $1 billion), CEO Abdullah Al-Shamrani told CNBC Arabia.
These initiatives contribute to facilitating investors who wish to obtain information about the mining sector in the Kingdom, he said.
The initial results of the program are promising, said Al-Shamrani. The program will cover the largest survey operation in the world in terms of area and is expected to be completed within three years, he said.
Six projects were documented within the project, four of which are related to the geological survey and their contracts were signed and work began in some fields, according to Al-Shamrani.
Mineral resources in the Kingdom are estimated at SR5 trillion, according to the official. Preliminary results of the survey showed presence of large gold reserves in the Kingdom estimated at around $230 billion, he said.
Al-Shamrani said the program is aimed at building a database of geological and mineral information.