April 28, 2020 / 9:23 PM / a month ago

Saudi cabinet approves establishing state-owned company for mining services -SPA

RIYADH, April 28 (Reuters) - Saudi Arabia’s cabinet approved in principle setting up a state-owned, joint-stock company for mining services, state news agency (SPA) reported late on Tuesday.

The statement did not add any further details on the size of capital or time frame of setting up the company. Mining is key to the kingdom’s reform plan to diversify its economy away from hydrocarbons, as the government aims to more than triple the sector’s contribution to the nation’s economic output by 2030.

Currently Saudi Ma’aden is the kingdom’s sole miner, producing gold and copper and has in recent years expanded into the production of aluminum and phosphates. It is 65% owned by the kingdom’s Public Investment Fund. (Reporting by Marwa Rashad Editing by Chris Reese)

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