Naimi said foreign companies licensed to carry out mining operations in the Kingdom make an annual revenue of SR12 billion. He said seven foreign companies have received 17 licenses to conduct a variety of activities including mining and excavation. "We hope the seminar would go a long way in increasing domestic and foreign investment in the mining sector of Arab countries in general and Saudi Arabia in particular," Al-Naimi said. The Saudi Ministry of Petroleum and Mineral Resources has so far licensed 1,100 mining projects. The minister estimated the total licensed area for mining at 122,000 square kilometers, adding that some 500 firms take out more than 200 tons of mineral ores annually. Many downstream companies especially cement, paint, glass and ceramic factories depend on these raw materials. --MORE 1105 Local Time 0805 GMT
