In a groundbreaking move, the Saudi Ministry of Industry and Mineral Resources has announced the introduction of extensive mineral belts spanning over 4,788 square kilometers. This initiative is aimed at attracting both local and international exploration and mining companies to compete for exploration licenses in Saudi Arabia. With the country’s mineral resources estimated to be worth around 9.3 trillion riyals, this initiative holds significant potential for economic growth and development.
The newly offered mineralized belts include three exploration licenses in the Jabal Sayyad belt, rich in base and precious metals like copper, zinc, lead, gold, and silver, covering 2,892 square kilometers. Additionally, two exploration licenses are available in the Al-Hajar site within the Wadi Shawas belt, containing valuable metals such as copper, zinc, gold, and silver, spanning 1,896 square kilometers.
Jarrah bin Mohammed Al-Jarrah, the spokesperson for the Saudi Ministry of Industry and Mineral Resources, emphasized the historic significance of this initiative, signaling a new chapter in the Kingdom’s mining sector. The competition process for the exploration licenses will follow transparent standards, with a pre-qualification phase from July to October 2024, leading up to the announcement of winners in January 2025.
This move underscores Saudi Arabia’s commitment to becoming a key player in the global mining industry, attracting significant investments and expertise to unleash the full potential of its mineral resources. With a focus on energy transformation and industrial advancement, this initiative marks a crucial step towards leveraging the country’s mineral wealth for sustainable growth and prosperity.
