Saudi Arabia is establishing the framework to make it a mining hub capable of supporting expanded mining operations across the region.
This ambition would create expansive employment opportunities and includes building a mining services and technology sector. The industry in Saudi Arabia would target an estimated US$1.3 trillion in mineral wealth hosted by the underlying Arabian-Nubian Shield.
Africa, for example, is a hotbed for failed mineral development, where emerging economies with unstable regimes make big promises and sometimes meaningful investments, only to have a lack of administrative competence, corruption or the rise of leaders with conflicting objectives derail short-term progress.There are recent examples, too, in Saudi's direct neighbourhood. Former Soviet republics Kazakhstan and Kyrgyzstan have both shown promise, but progress has seemingly stalled.
- Kazakhstan's risk profile improved 20% between 2017 and 2019 following a roundly positive review of its updated mining code, but it has lost momentum and about half of those gains since then. Meanwhile, Kyrgyzstan registered similar gains into 2019 and was off marginally in 2020, while there was insufficient industry data to produce a rating for 2021 - usually a bad sign.
The Vision 2030 has initially focused on existing gold resources and expanding bauxite operations, though the emerging, integrated, energy-hungry aluminium industry contradicts the carbon-neutral future the Kingdom is seeking - that is, without success in the renewables and hydrogen programmes that are being advanced in parallel. As the Kingdom attempts to develop its mining sector in parallel with a decarbonisation theme, it will be keen to further explore known VMS occurrences.
France Dernières Nouvelles, France Actualités
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