Saudi Arabia courts Australian miners for $170bn plan

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.

Australian miners should “come, explore, do mining -- the same as they are doing here”, he said in an interview on Tuesday in Sydney.