Saudi Arabia is advancing its mining sector with nearly $180 billion in projects currently being considered or underway, according to Khalid Al-Mudaifer, His Excellency the Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources, as reported by Al Arabiya TV.
Over 30 international firms are involved in the ninth round of exploration licenses, including six major global companies, ten mid-sized firms, and more than fourteen smaller exploration companies. The number of active mining companies has surged from six to 135 in 2024, with most being foreign or joint ventures with local partners.
Investment in exploration has also grown substantially, rising from less than $200 million annually to about $1.5 billion this year, according to His Excellency Khalid Al-Mudaifer. In July, the ministry approved 31 local and international companies to compete for exploration licenses across three mineral-rich regions covering over 24,000 square kilometers.
The ministry plans to open tenders for exploration over an area of 50,000 square kilometers by the end of the year, reflecting Saudi Arabia’s commitment to expanding its mining industry and attracting global investment.
