Latest news with #MiningExplorationEnablement
Arabian Business
19-03-2025
- Business
- Arabian Business
Saudi Arabia issues exploration licences as it looks to tap $2.5tn mineral resources
Saudi Arabia has granted exploration licences to two companies as it looks to utilise an estimated SR9.3tn ($2.5tn) bed of mineral resources in the Kingdom. The Ministry of Industry and Mineral Resources announced that several local and international companies have won exploration licenses for the first-of-their-kind mineralised belts in the Kingdom at the Jabal Sayid and Al Hajjar sites, covering an area of 4,788sq km. This initiative is part of the ministry's plan to accelerate the exploration and utilisation of the Kingdom's mineral resources, estimated at SR9.3tn ($2.5tn). Mining in Saudi Arabia The Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, launched the second phase of the 'Mining Exploration Enablement' program to support exploration activities and reduce risks for exploration companies in their early stages. Moreover, the Kingdom offers various incentives under the Mining Investment Law, including allowing 100 per cent foreign ownership of companies and providing financing of up to 75 per cent of capital costs through the Saudi Industrial Development Fund (SIDF). These competitions are part of the Ministry of Industry and Mineral Resources' efforts to achieve the objectives of the overall strategy for the mining and mineral industries sector, in line with Saudi Vision 2030. The strategy aims to maximise the utilisation of mineral resources and strengthen the mining sector as a key pillar of the national economy. The Ministry of Industry and Mineral Resources announced during the fourth edition of the Future Minerals Forum, held last January, the offering of 50,000sq km of mineralised belts containing gold, copper, and zinc. This initiative is part of the ministry's efforts to enhance exploration and create an attractive investment environment for local and international mining companies. Applications for these opportunities can be submitted through the 'Ta'adeen' platform.
Arabian Business
18-03-2025
- Business
- Arabian Business
Saudi Arabia opens applications for mining licences as it eyes $2.5tn minerals haul
Saudi Arabia is seeking applicants to explore mineral belts as it plans to exploit a $2.5tn resource opportunity. Saudi Arabia's Ministry of Industry and Mineral Resources has opened pre-qualification applications for the ninth round of exploration licence competitions, covering three mineralised belts spanning 24,946sq km. This initiative is part of the ministry's plan to offer exploration licences for mining sites across over 50,000sq km in 2025, as announced at the fourth Future Minerals Forum in January. Saudi mining industry 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 $2.5tn 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. These sites contain a variety of precious and base metals, including: Gold Copper Silver Zinc Nickel The ministry emphasised 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 licence. The ministry has made relevant geological and technical data available on the 'Taade'en' electronic platform to ensure equal opportunities among all the competitors. 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. 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 SR7.5m ($2m) 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. This is in addition to the incentives stipulated in the Mining Investment Law, which allows for 100 per cent foreign-owned companies and provides funding of up to 75 per cent of capital costs through the Saudi Industrial Development Fund (SIDF). Over the past years, the ministry has tendered more than 10,000sq km for exploration. The offering of 50,000sq 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.
Trade Arabia
13-03-2025
- Business
- Trade Arabia
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.
