Saudi Arabia Approves Six Mining Companies for Exploration
In a bold move to boost its mining sector, Saudi Arabia has given the green light to six mining companies to explore various sites across the Kingdom.
The Ministry of Industry and Mineral Resources announced the successful bidders for its fifth Round of Exploration Licensing, unveiling a total of 1,000 sq. km in exploration areas awarded collectively.
With a staggering 138 percent increase in exploitation licenses issued since the implementation of the new Mining Investment Law of 2021, Saudi Arabia is determined to ramp up production and investment to tap into its estimated SR9.4 trillion mineral wealth.
Discovery Arabian Mining Co. has secured Al Halahilah in the Najran region, while Al Masane Al Kobra Mining Co., also known as AMAK, has been granted rights to Jabal Qaran and Al-Hijra in Asir.
The Makman Hijab site in Riyadh will be explored by an alliance of Eqleed Group and Indotan Mining Co., while An Nimas in Asir has been awarded to Saudi Arabian Mining Co., Ma’aden.
Royal Roads Arabia Co. has been granted the Al Miyah site in the Makkah region, showcasing the growing expansion of the nation’s mining sector both locally and internationally.
This move aligns with Saudi Arabia’s Vision 2030, aiming to diversify the economy and reduce reliance on oil. In a recent development, the Royal Commission for Jubail and Yanbu signed an MoU with Brazilian mining company Vale for an iron ore briquettes project in the Kingdom.
The Saudi mining sector’s regulatory reforms have been lauded as the fastest-growing and investment-friendly globally, with MineHutte ranking the Kingdom as the second-best country for its licensing environment.