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Saudi Arabia Courts Australian Miners for $170 Billion Plan

  • Australian expertise needed to unlock mineral wealth: minister
  • Mining is key in push to diversify economy away from oil

Saudi Arabia is seeking investment from Australian miners to support its $170-billion plan to build a mining industry and diversify its oil-dependent economy this decade. 

The kingdom says it’s sitting on top of $1.3 trillion worth of untapped mineral deposits including copper, zinc, phosphates and gold. Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef is in Australia this week to drum up investment interest.