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FinancialNews
11-01-22
Predictions for Saudi mineral wealth to surpass USD1.3T
(MENAFN) According to the head of the organization responsible for measuring its geological potential, Saudi Arabia has predictions for its mineral wealth to surpass past predictions of USD1.3 trillion as the country aims to increase its metal exploration expenditure to the triple over the upcoming three years.
Abdullah bin Muftar Al-Shamrani, CEO of the Saudi Geological Survey, stated that this past prediction was made a few years ago when costs of minerals weren’t as high as today’s prices.
The official stated in an exclusive interview with Arab News, “now we have seen that the price is increasing, it is expected that the forecast of [...] prices is really going to be increased because of that demand of those material.”
MENAFN11012022000045013568ID1103519314
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