The mining site in Khnaiguiyah, Saudi Arabia, on July, 10.
Photographer: Tasneem Alsultan/Bloomberg
Saudi Arabia Sets Its Sights on a Less Glamourous Source of Wealth
Crown Prince Mohammed bin Salman wants to turn the kingdom into a hub for resources such as copper, but mining giants are yet to back him.
In scorching summer heat, Renier Swiegers marches through the desert toward a drilling rig. He’s not looking for oil, the dynamo of Saudi Arabia’s economy the past 80 years, though. It’s another potential source of wealth and influence the kingdom now has its eye on.
Having already used its energy riches to upend the worlds of sports, tourism and movies, Saudi Arabia’s Crown Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in places like this.