Saudi Arabia’s vision for economic diversification is set to be bolstered by the mining sector, as the Kingdom aims to establish it as a central component of its industrial economy by 2030. The Ministry of Industry and Mineral Resources together with the Ministry of Investment are reaching out to global mining explorers to engage in the Exploration Enablement Program (EEP), an initiative designed to fortify the sector, according to a recent press release.
The newly introduced EEP is poised to invigorate exploration for strategic and critical minerals, particularly in parts of the Kingdom that remain underexplored. The initiative’s objectives include augmenting the geological understanding of these areas, cultivating local talent within the exploration and mining fields, and employing state-of-the-art data collection techniques that align with international standards.
By facilitating exploration in untapped regions, the EEP will enhance knowledge of the Kingdom’s mining potential. To be eligible for the program, investors must direct their exploration efforts towards Class ‘A’ minerals defined by the Mining Investment Law, such as Copper, Lithium, Nickel, Gold, and Iron ore, with a focus on underexplored or critical minerals. Participants are expected to hold a valid exploration license with a maximum tenure of five years, demonstrate significant expertise, and have a history of successful greenfield exploration ventures.
Investors interested in the EEP must submit their work program applications by the end of May, with successful candidates to be announced by the end of July. The initiative also encourages the engagement of local service providers to bolster the Kingdom’s business ecosystem and supply chain. For detailed information on how to apply, prospective investors can refer to the program’s guidelines and application form available on the official Ta’adeen website.
The Ministry of Industry and Mineral Resources extends an invitation to international investors to partake in the EEP, thereby contributing to the expansion and prosperity of Saudi Arabia’s mineral sector. This participation not only promises valuable geological insights but also supports the development of local skills and the sustainable advancement of the mining industry.