Saudi announces that its mineral potential had nearly doubled to $2.5 trillion

Saudi Arabia announced that its mineral potential had nearly doubled to 2.5 trillion USD during the Future Mineral Forum in Riyadh.

Bandar Al-Khorayef, Industry & Mineral Resources Minister said "Our estimation for the Kingdom's untapped mineral potential has increased from $1.3 trillion to $2.5 trillion, an increase of 90 percent." "This is based on new discoveries in the form of rare earth elements, and a combination of the increase of volumes of phosphate, gold, zinc and copper, as well as the revaluation of these minerals."

The earlier valuation of 1.3 trillion USD had been cited by officials including Saudi Arabia Crown Prince Mohammed bin Salman, since at least 2017.