In a significant move to expand its mineral sector, Saudi Arabia has launched the Mining Exploration Enablement Program, targeting international companies and explorers to join the initiative. The undertaking is set to enhance exploration, maximize the mining sector’s value, and amplify surveying of untapped areas.
The Kingdom’s Ministry of Industry and Mineral Resources, alongside the Ministry of Investment, has opened registration for this program, with a focus on propelling exploration activities and leveraging unexplored territories.
The program’s objectives include nurturing local expertise, advancing skills in mineral exploration, and elevating geological understanding with top-tier data. These steps are designed to attract further investments into the sector.
Aligned with the Saudi Vision 2030, the initiative aims to elevate the mining sector as a cornerstone of the national economy. Criteria for participation emphasize strategic minerals such as copper, lithium, nickel, gold, and iron, and underscore exploration in virgin regions.
Prospective entrants must possess a valid exploration license, a proven track of successful explorations, and a commitment to utilizing local services, thus boosting the local economy. The application window for investors is open from April 1 to May 31, with results to be announced by the end of July 2024.
Additionally, in March, a financial incentive program worth SR685 million was introduced to support mining explorations, aiming to mitigate risks and promote funding in alignment with Vision 2030 goals. This scheme seeks to aid companies eager to delve into the mineral-rich Saudi landscape, estimated to hold a wealth of SR9.4 trillion.