KSA initiates Kingdom's most widespread mineralised belts to date
Date
7/25/2024 6:12:10 AM
(MENAFN) In a significant move aimed at expanding its mineral resources sector, the Saudi Ministry of Industry and Mineral Resources has announced its largest mineralised exploration initiative to date, encompassing a vast area of 4,788 square kilometers across five exploration licenses. This initiative, detailed in an official press release, marks a pivotal step towards harnessing Saudi Arabia's untapped mineral wealth.
According to the ministry's spokesperson, Jarrah bin Mohammed Al Jarrah, the exploration licenses are part of ongoing efforts to attract major global mining and exploration companies to participate in Saudi Arabia's Exploration Licensing Rounds. These rounds are strategically designed to unlock the mineral potential of the identified belts, thereby supporting the objectives outlined in Saudi Arabia Vision 2030.
Under Vision 2030, the Kingdom aims to diversify its economy by developing the mining sector as a third pillar of its national industry, alongside oil and petrochemicals. This initiative represents a departure from previous licensing rounds, as it covers larger geographical areas and targets high-net-worth companies with expertise in base metals and precious metals mining.
Specifically, the exploration licenses include three at the Jabal Sayad mineralised belt, spanning 2,892 square kilometers, which are known to contain significant deposits of copper, zinc, lead, gold, and silver. Additionally, two licenses are allocated for exploration at the Al Hajjar site within the Wadi Shwas VMS Belt, covering 1,896 square kilometers and holding deposits of gold, silver, copper, and zinc.
The invitation to participate in these Exploration Licensing Rounds underscores Saudi Arabia's commitment to fostering increased investment in mineral exploration and development. By leveraging its vast geological potential, the Kingdom seeks to attract global expertise and technology to capitalize on its mineral resources efficiently and sustainably.
The initiative is expected to contribute significantly to economic growth, job creation, and the overall diversification of Saudi Arabia's economy away from oil dependency. As the global mining and exploration community responds to this call, stakeholders anticipate transformative developments that will propel Saudi Arabia towards becoming a prominent player in the international minerals market.
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