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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.