Saudi Arabia plans to increase its annual mining revenue to $64 billion by 2030, up from current revenues of $17 billion, energy minister Khaled Al-Falih announced on November 26, Reuters reported.

“We are seeking to develop the mining sector through the implementation of a comprehensive strategy… and raise its contribution to GDP from $17 billion to $64 billion, with the generation of 160,000 additional jobs by 2030,” Falih told a mining conference in Cairo.

Media reported on November 25 that the Saudi Waad Al Shamaal mining project is projected to increase the country’s gross domestic product by $6.4 billion. The kingdom plans to pour $22.7 billion into the project, which will produce an estimated 9 billion tons of phosphate fertilizer each year.

Saudi Arabia has more than $1 trillion of untapped reserves, including bauxite, phosphate, gold, copper and uranium which provides the country an opportunity to lessen its dependency on hydrocarbons.

Exploitation of these resources could make Saudi Arabia the second-largest producer of phosphate fertilizer in the world, Falih said during the conference