Saudi Arabia may create a new metals and mining stock exchange index as it looks to shift focus from oil toward the country’s untapped minerals, reported Reuters.
Mining Minister Bandar bin Ibrahim al-Khorayef told the news agency that his team met with Australian counterparts to learn more about a mining index. Australia’s ASX 300 Metals & Mining sub-index (.AXMM) lists metals and mining firms including producers of gold, steel and precious metals.
Al-Khorayef said the index would help grow Saudi’s mining sector faster, and enable them to benchmark it with markets like Australia, the U.K. and others.
He did not say how many companies would potentially be included in the mining index.
The Saudi government believes it has unused mineral resources worth about $1.33 trillion, with vast quantities of aluminium, phosphate, gold, copper and uranium, Al-Khorayef said.