What's Happening?
Saudi Arabia's Ministry of Industry and Mineral Resources has concluded its ninth exploration licensing round, awarding 172 mining sites across 24,000 square kilometers. This round, the largest in the kingdom's
history, aims to tap into Saudi Arabia's estimated SAR9.4 trillion ($2.5 trillion) mineral wealth. The awarded sites are located in the regions of Riyadh, Madinah, and Qassim, and include strategic minerals such as gold, copper, silver, zinc, and nickel. The round attracted significant interest from both local and international companies, with 24 companies and consortia receiving licenses. The ministry plans to continue its exploration efforts with a tenth round covering additional regions.
Why It's Important?
This licensing round is a significant step in Saudi Arabia's Vision 2030, which seeks to diversify the economy and reduce dependence on oil by developing the mining sector as a key industrial pillar. The awarded licenses are expected to boost mineral exploration and development, enhancing the kingdom's mineral supply chains and economic resilience. The involvement of international companies underscores Saudi Arabia's growing appeal as a mining investment destination, potentially leading to increased foreign investment and technological advancements in the sector.
What's Next?
The Ministry of Industry and Mineral Resources plans to launch a tenth licensing round, covering 13,000 square kilometers across several regions, including Madinah and Makkah. This round will introduce new sites and extend the mineralized belts available in the ninth round. The ministry will also announce further exploration and investment opportunities at the Future Minerals Forum in Riyadh, scheduled for January 13-15.
