RIYADH: Ƶ is set to build a vast database of topographic insights and explore huge swathes of mineral deposits in the Arabian Shield region, with the Kingdom kicking off a new geological mapping project valued at SR777 million ($207 million).
The project is one of the initiatives under the General Program of the Geological Survey and will be implemented in partnership with the Chinese Geological Survey.
“The geological mapping project is the largest comprehensive strategy initiative for the mining sector in terms of the nature of the business, the volume of outputs and the coverage area,” said Bandar Alkhorayef, the minister of industry and mineral resources, at the inauguration of the project on Sunday.
The project aims to generate detailed digital geological data of the Arabian Shield, understand the origin of mineral deposits in the area, and strengthen the national geological database and the national library of drilling samples.
The region is a geographical formation of Precambrian crystalline rocks on the flanks of the Red Sea and includes parts of Egypt, Ƶ, Sudan and Ethiopia, among other countries.
This data will provide domestic and international investors with a comprehensive understanding of Ƶ’s mining sector investment opportunities.
The event was attended by Saudi Geological Survey CEO Abdullah Muftar Al-Shamrani, Chinese Geological Survey Chairman Li Jianxing and Chinese Consul General in Jeddah Wang Qimin.
Qimin called the project an extension of the longstanding joint projects in the mining sector between the Kingdom and China. He stated that it aligned with the economic development plans of the Kingdom’s Vision 2030 and the Chinese Belt and Road Initiative.
The detailed geological mapping project aims to produce 271 geological reports and maps of the Arabian Shield at a scale of 1:100,000, enabling a better understanding of mineral deposits and identifying and exploring new reservoirs to attract investments in the mining sector.
