The Saudi Cabinet approved, in principle, the establishment of a state-owned joint stock company for mining services.
According to WAS, the statement did not provide details about the size, capital, or time frame for the company’s establishment.
Mining is a key component of the kingdom's plan to diversify its economy, and the government aims to double the sector's contribution to the country's economic output by more than three times by 2030.
Saudi Arabia Mining (Maaden) is currently the only mining company in the country that produces gold and copper and has expanded in the past few years to produce aluminum and phosphates.
The company (Maaden) is 65% owned by the Public Investment Fund, the Kingdom's sovereign wealth fund.
