Title: Saudi Arabia Increases Mineral Resource Estimates

Saudi Minister of Mineral Resources Bandar Khreif indicated that "the Kingdom has revised its estimates for the value of untapped mineral resources, including phosphate, gold, and rare earth metals, to $2.5 trillion, up from 2016 estimates of $1.3 trillion." Mining is a key part of Riyadh's efforts to build an economy that is less reliant on oil, which involves shifting towards the exploitation of vast reserves of phosphate, gold, copper, and bauxite. Saudi Ma'aden, which was established in 1997, stated that it is already producing some of these minerals.