[miningmx.com] – SAUDI Arabia plans to double inflows of foreign direct investment in the country by attracting mining, among other sectors, as it seeks to reduce its reliance on oil, said Reuters.
Citing the Saudi Arabian General Investment Authority (SAGIA), Reuters said Saudi Arabia’s revamp as an attempt to adapt to an area of cheap oil. SAGIA’s governor, Abdullatif al-Othman, said the country had big deposits of phosphate, bauxite, base metals and gold.
In a joint venture that could become a model for future projects, a local firm, majority state-owned Saudi Arabian Mining Company, began producing copper last month at a mine near Medina along with Canada’s Barrick Gold Corp, said Reuters.
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