Saudi Arabia seeks bids for mineral exploration licences
Saudi Arabia's Ministry of Industry and Mineral Resources has opened pre-qualification applications for the ninth round of exploration license competitions, covering three mineralized belts spanning 24,946 sq km.
This initiative is part of the ministry's plan to offer exploration licences for mining sites across over 50,000 sq km in 2025, as announced at the fourth Future Minerals Forum in January.
The licensing round is part of a broader strategy to accelerate greenfield exploration and development in the kingdom's mining and mineral sector, maximise its mineral resources valued at $2.5 trillion - and enhance value-added mineral supply chains.
The ministry specified that the targeted belts include the Al Naqrah Belt and the Al Sukhaybirah "Al-Safraa" Belt in the Madinah region, as well as the Al-Duwaihi "Nabaitah" Belt in the Riyadh region, reported SPA.
These sites contain a variety of precious and base metals, including gold, copper, silver, zinc, and nickel, it stated.
The ministry emphasized that this year's exploration licence competitions are fully automated, transparent, and fair for investors.
The process consists of three main stages: The first stage is the pre-qualification stage, which commenced at the Future Minerals Forum in January and will continue until early May.
The ministry aims to conclude the ninth round of competitions by the end of August. This stage assesses the technical competence of applicant companies, inviting qualified bidders to submit technical expertise proposals and the social and environmental impact management plans, announcing the winners, and granting the exploration license.
The ministry has made relevant geological and technical data available on the "Taade'en" electronic platform to ensure equal opportunities among all the competitors, said the report.
This step is expected to enhance transparency and efficiency in exploration processes, increase exploration expenditure in the Kingdom, enrich the National Geological Database with additional technical information, create new job opportunities, and promote sustainable economic growth.
These efforts align with Saudi Arabia's commitment to developing the mining sector to meet global standards, with a strong focus on environmental sustainability and social responsibility, it stated.
Meanwhile, the Ministry of Investment (MOI), in collaboration with the Ministry of Industry and Mineral Resources, launched the second phase of the "Mining Exploration Enablement" program in January.
The program, which provides financial support of up to SAR7.5 million per project for companies holding valid exploration licenses for less than five years, aims to support mineral exploration in Saudi Arabia, mitigate risks for exploration companies in their early stages, and encourage investment in the sector, said the SPA report.
This is in addition to the incentives stipulated in the Mining Investment Law, which allows for 100% foreign-owned companies and provides funding of up to 75% of capital costs through the Saudi Industrial Development Fund (SIDF), it added.
Over the past years, the ministry has tendered more than 10,000 sq km for exploration. The offering of 50,000 sq km in 2025 reaffirms the Kingdom's commitment to creating a transparent and attractive investment environment that supports the growth of the mining sector and stimulates investments in line with Saudi Vision 2030.
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