Tuesday, 15th February 2005 (2505 views)

Saudi Arabia is looking to attract foreign companies to search for gold and other precious metals.

Hoping to boost the production of gold, a code was passed last month to stimulate foreign investment in mining, according to the Financial Times.

It is hoped mining can grow to become a key player in its economy, along with petrochemicals and hydrocarbons.

Previously foreign companies would have been restricted by financial restraints, but now they should have more freedom to invest as they wish.

Abdullah Dabbagh, president and chief executive officer of Ma'aden, the state-owned Saudi mining company, has welcomed the move.

He hopes that $7 billion worth of projects planned by the company will help to create tens of thousands of jobs in the area.

In addition, Ma'aden has set up four businesses, for gold, phosphate, aluminium and industrial metals, to offer greater flexibility for the area.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.