Saudi Arabia finalizes mining investment draft law: Al-Falih

Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources has finalized the amended mining investment draft law, to allow investor and private sector participation in various investment opportunities across the Kingdom, Khalid Al-Falih, Saudi Energy Minister, said on Sunday.

The Kingdom aims to increase the production of base and precious metals by tenfold and to place the mining sector as the third industry pillar in the state after oil and gas, as well as petrochemical industries.

The total value of Saudi mineral inventory exceeds SAR 4.9 trillion, Al-Falih added.

Under the existing law, mining license holders are required to pay a severance fee at 25 percent from their annual net income or the equivalent of the income tax, whichever is lower.

The zakat due from licensed firms are to be deducted from that amount.