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Saudi Arabia Mineral Wealth Hits $2.5trn

Saudi Arabia on Wednesday estimated the country’s mineral wealth at $2.5 trillion.

“The kingdom’s mineral wealth has increased by 90% to reach an equivalent of 9.375 trillion riyals ($2.5 trillion),” Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef told the 3rd Future Mineral Forum (FMF).

Saudi Arabia’s mineral wealth was estimated to be worth 1.3 trillion US dollars in 2016 based on earlier estimations.

Alkhorayef ascribed the increase in the nation’s mineral richness to the finding of transition metals like gold, zinc, and phosphate ore, as well as rare earth elements.

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Held in the capital Riyadh, the two-day forum brings together leaders and decision-makers in the industrial sector from around the world.

Saudi Arabia is the world’s second-largest producer of crude oil after the United States, with an average daily production of 11 million barrels.

The kingdom is also the world’s largest oil exporter with a daily average of 7.5 million barrels.

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