Saudi Arabia says its mineral wealth hits $2.5 trillion

By Mohammad Sio

RIHYAD, Saudi Arabia (AA) – Saudi Arabia on Wednesday estimated the country’s mineral wealth at $2.5 trillion.

“The kingdom’s mineral wealth has increased by 90% to reach an equivalent of 9.375 trillion riyals ($2.5 trillion),” Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef told the 3rd Future Mineral Forum (FMF).

Earlier estimates put Saudi Arabia’s mineral wealth at around five trillion riyals ($1.3 trillion) in 2016.

Alkhorayef attributed the rise in the country’s mineral wealth to the discoveries of rare earth elements and transition metals such as phosphate ore, zinc, and gold.

Held in the capital Riyadh, the two-day forum brings together leaders and decision-makers in the industrial sector from around the world.

Saudi Arabia is the world’s second largest producer of crude oil after the United States, with an average daily production of 11 million barrels.

The kingdom is also the world’s largest oil exporter with a daily average of 7.5 million barrels.

*Writing by Mohammad Sio