Saudi Arabia has issued 11 mining exploration permits to both local and international companies as part of its Accelerated Exploration Program, which aims to tap into the Kingdom’s vast mineral reserves. These permits cover six sites and a total area of 850 square kilometers across Riyadh, Makkah, and Asir.
This initiative is part of a competitive licensing round designed to bolster the Kingdom’s mining sector, aligning with Saudi Arabia’s Vision 2030 and the National Industry Development and Logistics Program. The competition concluded with one national company and five alliances, comprising 10 local and international firms, receiving the exploration rights.
Transforming the Mining Sector
Saudi Arabia aspires to make mining the third pillar of its industrial base, alongside oil and petrochemicals. With over 5,300 mineral sites valued at approximately SR5 trillion ($1.33 trillion), the ministry aims to leverage these resources for economic growth.
Notable winners include the ANS Exploration and Odyssey Metal Ltd. alliance, which secured the Umm Qasr site in Riyadh, known for gold, silver, lead, and zinc. Gold and Minerals Co. was awarded the Wadi Doush site in Asir, rich in gold, silver, and copper.
Other significant licenses were granted to AuKing Mining Ltd. and Barg Al-Saman Mining Co. for the Shuaib Marqan site in Riyadh, and Metal Bank Ltd. and the Mining Holding Co. for the Wadi Al-Jouna site in Asir. Both sites contain valuable deposits of copper, silver, and gold.
Commitment to Local Development
A total of 44 bids from 22 companies, many new to the Saudi market, were evaluated based on technical expertise and social and environmental proposals. Winning companies have committed to investing SR75 million ($20 million) in exploration and SR5 million in community development, focusing on creating jobs and opportunities in underserved areas.
This licensing round is a significant milestone for Saudi Arabia’s mining sector, marking the first exploration licenses for four companies and enhancing the Kingdom’s reputation as a prime investment destination.
Aligning with Vision 2030
The initiative demonstrates investor confidence in Saudi Arabia’s mining investment framework, which prioritizes transparency and environmental responsibility. It also supports the Vision 2030 goal of diversifying the economy by developing mining as a key economic driver.
Additionally, the ministry has announced a new competition for seven more mining exploration licenses, targeting precious and base metals in Makkah and Riyadh. The deadline for these submissions is the end of November.
