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The SGS added that as per the signed contracts, Sander Geophysics Arabia Ltd. (SGAL), a joint venture based in Al-Khobar; eastern Saudi Arabia. will provide airborne geophysical survey of block 1 of the Arabian Shield for a total contract value of 71,883,079 Saudi Riyals (about $19 Million). The other three contracts that were awarded in the ceremony include a contract with the South African, Xcalibur Airborne Geophysics Company to provide airborne geophysical survey of blocks 2 and 3 of the Arabian Shield, for a total contract value of 96,020,044 Saudi Riyals (about $26 Million), a contract with China Geological Survey to provide geochemical survey throughout the entire Arabian Shield area, for a total contract value of 201,167,857 Saudi Riyals (about $54 Million), and a contract with a Consortium of the United Kingdom’s International Geoscience Services Limited (IGS) and the Geological Survey of Finland (GTK), who will be overseeing technical aspects of the RGP, ensuring the quality of operation and produced data, for a total contract value of 185,437,500 Saudi Riyals (about $49.5 Million). The SGS also affirmed that the main goal of launching the RGP initiative is to build on the efforts exerted in geophysical and geochemical survey, and in developing geophysical maps, to produce detailed digital geological maps of the Arabian Shield area, that accurately reflect the types, locations, and quantities of mineral resources in the area. These maps will be solid, clear and reliable foundation for investment or operational decisions in the mining sector, and, accordingly, enhancing the exploitation of the Kingdom’s mineral resources, which are estimated at about $1.3 Trillion, to contribute to diversifying the resources of the national economy. The mining sector will, then, be able to raise its contribution to government revenues from about five billion riyals in 2015 to about 14 Billion Riyals in 2030, and its contribution to the GDP from 64 Billion Riyals in 2015, to about 240 Billion Riyals in 2030, and to add 220,000 new jobs to the 150,000 jobs currently in the sector. Responding to a question about the outcome of the RGP, His Excellency Vice Minister Al-Mudaifer said: “Through these global collaborations, the first leap has been taken. We know there is such great mineral potential within our kingdom, but this program will give us an even greater understanding of the untapped mineral resources of our country.” Source: Saudi Press Agency

Riyadh, In a virtual signing ceremony launched from Riyadh, Saudi Arabia, and headed by His Excellency Bandar Al-Khorayef; Minister of Industry and Mineral Resources, Chairman of the Board Directors of the Saudi Geological Survey (SGS), one contract and three contract awarding documents were signed, as a part of the SGS ambitious Regional Geological Survey Program. The signing was between SGS and Sander Geophysics Arabia Ltd. (SGAL), Xcalibur Airborne Geophysics Company, China Geological Survey, and a Consortium of the United Kingdom’s International Geoscience Services Limited (IGS) and the Geological Survey of Finland (GTK).
In a comment on the event, His Excellency Minster Al-Khorayef said: “This is an exciting start to the data-gathering effort that forms the fundamental basis for the RGP, which, in turn, is key to the Kingdom’s 2030 Vision that aims at transforming the mining sector into the third pillar of Saudi Arabian industry.”
The SGS clarified that during this phase of the RGP, it will focus on surveying and mapping some 600,000 square Kilometres of the mineral-rich Arabian Shield area in western Saudi Arabia, over the next six years, in a bid to better understand the existence and distribution of mineral resources in that area and provide a valuable database of geological knowledge to future mining investors and operators.

 

Source: Saudi Press Agency

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