Saudi Arabia introduces new mining exploration licenses to boost sector as part of Vision 2030
(MENAFN) The Saudi Ministry of industry and Mineral Resources has unveiled seven new mining exploration licenses, inviting both local and international investors to bid for these lucrative opportunities. These licenses, covering an expansive area of approximately 1,000 square kilometers, are part of the kingdom's Accelerated Exploration Program. This strategic initiative is designed to fast-track the exploration and development of Saudi Arabia's vast mineral resources, which have been estimated to hold a value of around 9.3 trillion riyals (approximately USD2.5 trillion). This effort is closely aligned with Saudi Vision 2030, which aims to position mining as a pivotal sector within the broader national industry.
The Ministry has emphasized that these newly available exploration sites are abundant in both precious and base metals. Among the most notable of these sites is "Umm Qasr," located in the Riyadh region, which spans over 20 square kilometers and is known for its deposits of gold, silver, lead, and zinc. Another key site is "Jabal Subha," also situated in the Riyadh region, which covers more than 171 square kilometers and is rich in silver, lead, zinc, and cobalt deposits. The release of these licenses reflects the kingdom's strategic intent to attract investment and expertise to unlock the full potential of its mineral wealth.
This initiative represents a significant step in Saudi Arabia's ongoing efforts to transform its mining sector into a cornerstone of economic diversification. By encouraging exploration and development through these new licenses, the Ministry of Industry and Mineral Resources is signaling its commitment to fostering a thriving mining industry that will contribute to the nation's long-term economic sustainability. This move not only supports the objectives of Saudi Vision 2030 but also reinforces the kingdom's ambition to establish itself as a leading global player in the mining sector.
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