Saudi Arabia has selected six mining companies, both local and international, for its Exploration Enablement Program (EEP), aimed at boosting investment and enhancing competitiveness in the mining sector.
The chosen companies include Royal Road, Ajlan and Bros Holding, EV Metals Group, Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co. (AMAK). These companies will receive substantial support to accelerate exploration activities within the Kingdom.
The EEP, launched at the Future Minerals Forum by the Ministry of Industry and Mineral Resources in collaboration with the Ministry of Investment, received 49 applications, highlighting the growing interest in Saudi Arabia’s mining industry.
The government has allocated SR685 million ($182.57 million) for the EEP from 2024 to 2030 to enhance the sector’s global competitiveness and create strategic value. The program aims to fill gaps in geoscientific knowledge, develop local skills, and drive exploration for strategic minerals.
Key objectives include expanding exploration in underexplored areas, reducing investment risks, and improving technical data reliability. The program covers a license area of 4,000 sq. km, with a geophysical survey of 9,500 sq. km and a total drilling depth of 440,000 meters.
Efforts also include collecting 57,000 geochemical samples, supported by a team of 54 experts, to deepen understanding of the Kingdom’s mineral potential. This initiative is expected to bolster planning and development in the sector.
Saudi Arabia has revised its estimates for undiscovered mineral potential, increasing projections by 90% to $2.5 trillion, reflecting significant growth prospects in the mining industry.
