Title: Saudi Arabia: Mining, Minerals and Fuel Resources
Headings: Saudi Arabia: Mining, Minerals and Fuel Resources
Saudi Arabia: Mining, Minerals and Fuel Resources
Overview of Resources
Metals
Fossil Fuels
Investment
Sources
G.P. Thomas
Citations
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Content: In 2010, London Mining Plc of UK and National Mining Co. of Saudi Arabia agreed to handle the Wadi Sawawin iron ore project. Together the companies tried to attract funds for the proposed iron ore mine with a 5-Mt/yr-capacity iron ore pelletizing unit. Fossil Fuels
The petroleum industry of Saudi Arabia accounts for 80% of its budget revenues, 90% of its export earnings, and 45% of the country’s GDP. The country is a leading producer of oil and natural gas, and is ranked eighth in terms of petroleum refining capacity in the world. Discovery of new oil fields by Saudi Aramco such as the Arsan, the AsSayd, the Namlan, and the Qamran oilfields and the Jalamid gasfield in 2010 will likely further increase the country’s importance in the global petroleum sector and boost its revenue. Natural gas production in Saudi Arabia has been steadily increasing. This was evident in the years 2008, 2009 and 2010, when production was 86,158 million m 3 , 88,432 million m 3 and 95,032 million m 3, respectively. Investment
Saudi Arabia has taken several key measures to attract foreign funding. Some of them are as follows: Joining the WTO in 2005
Construction of six ‘economic cities’ around the country
Social development and infrastructure projects worth $373 billion to promote economic development between 2010 and 2014
According to recent reports, automation major Ventyx has inked a $2.8 million deal with MGBM as part of which the mining company will use Ventyx’s mining operations software solutions in its four existing mines to improve planning and performance of its gold mining operations.