Gypsum ore exploration bidders announced by Saudi government

Dec 15, 2023

https://arab.news/z45ak

RIYADH: Saudi National Gypsum Co. and El-Khayyat Gypsum are among the eight qualified bidders to compete for an exploration license for gypsum ore at Al-Qasab wells mining site.

With an area of 600,00 sq.m., the site is located south of the Nabat Center in Al Madinah Al Munawwarah region, according to the Ministry of Industry and Mineral Resources.

Other eligible companies include the United Cement Industrial Co., Global Gypsum Co., United Mining Industries Co., Mada Gypsum Co. and ASK Gypsum Factory.

This comes amid the Kingdom's drive to develop its mining sector.

Mining is a key element of Saudi Arabia's economic development, after energy and petrochemicals, as the Kingdom seeks to wean its economy off oil production and exports.

Saudi Arabia is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it triples spending on the exploration of metals over the next three years.

The value of the global mining market is expected to increase to $206 trillion this year, rising to $335 trillion in 2026, up from $184 trillion in 2021, constituting a rise fueled by post-pandemic surge in commodity prices, MEED reported.