Saudi Arabia has initiated the Exploration Enablement Program to enhance investments and competitiveness in its mining sector, selecting six companies for the first phase. These include Royal Road, Ajlan and Bros Holding, EV Metals Group, Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co. (AMAK).
The program, launched at the Future Minerals Forum by the Ministry of Industry and Mineral Resources and the Ministry of Investment, aims to support these companies in accelerating exploration activities within the Kingdom.
With 49 applications received, the initiative highlights growing interest in Saudi mining. The government has allocated SR685 million ($182.57 million) for the program from 2024 to 2030, aiming to enhance the sector’s global competitiveness and strategic value.
The program targets gaps in geoscientific knowledge, promotes local skill development, and drives exploration for Class A minerals, including metallic and precious stones. It seeks to reduce investment risks and improve technical data reliability.
Covering 4,000 sq. km. in licenses and conducting a 9,500 sq. km. geophysical survey with a drilling depth of 440,000 meters, the program aims to provide a comprehensive understanding of mineral potential.
Saudi Arabia has projected an increase in undiscovered mineral potential to $2.5 trillion, a 90% rise from previous estimates, reflecting significant growth prospects in the sector.