Saudi Arabia sees record 144% rise in new mining exploration licenses in H1
A total of 22 licenses were issued during the period, up from just nine in the same period last year, reflecting growing investor interest and the government's push to build a more competitive and attractive mining sector, according to a statement from the Ministry of Industry and Mineral Resources.
The rise aligns with the rapid growth of the Kingdom's mining industry, a central pillar in its Vision 2030 diversification strategy. Saudi Arabia aims to increase the sector's contribution to gross domestic product from $17 billion to $75 billion by 2035. The effort is backed by plans to accelerate exploration and development of the Kingdom's estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion).
The ministry release stated: 'The official spokesman for the Ministry of Industry and Mineral Resources, Jarrah bin Mohammed Al-Jarrah, explained that the number of companies investing in the new mining exploitation licenses issued during the first half of this year reached 23 mining companies, including 16 companies obtaining mining licenses for the first time.'
It added: 'The total volume of investments in these licenses exceeds SR134 million, and they cover an area of 47 sq. km.'
The ministry's spokesperson said the projects covered by these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores, including salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum.
Al-Jarrah also noted that the total number of mining and small-mine exploitation licenses currently active in the Kingdom stands at 239. These include 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite, and 207 Category B licenses for industrial minerals including silica sand, gypsum, limestone, salt, and clay.
Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer told Asharq Business that the Kingdom's mining reforms have helped attract $32 billion in investments across projects involving iron, phosphate, aluminum, and copper. He added that this accounts for nearly one-third of Saudi Arabia's target to attract $100 billion in mining investments by 2030.
The vice minister added at the time that mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent.
Al-Mudaifer also said mineral exploration spending in the Kingdom has quadrupled since 2018, now reaching $100 per sq. km — an annual growth rate of 32 percent, significantly outpacing the global average of 6 to 8 percent.
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