Saudi Arabia Unveils Largest Mineralized Belts Yet
In a groundbreaking move, Saudi Arabia has revealed its largest mineralized belts to date, covering a whopping 4,788 sq. km and including five new exploration licenses.
Exploration Licenses
Three of these licenses have been allocated to local and global firms for the Jabal Sayid site in Madinah, spanning an area of 2,892 sq. km and containing minerals such as gold, silver, copper, zinc, and lead.
The remaining two licenses are designated for the Al-Hajjar Site in the Asir region, covering 1,896 sq. km and also rich in gold, silver, copper, zinc, and lead.
Accelerating Mineral Exploration
This initiative aims to accelerate the exploration and development of Saudi Arabia’s mineral resources, valued at an astounding SR9.3 trillion ($2.4 trillion). It aligns with the country’s vision to establish mining as a foundational industrial pillar of the economy under Saudi Vision 2030.
Competition Stages
The competition stages include pre-qualification, release of the information memorandum, proposal evaluation, and announcement of winners. Offering these sites is expected to attract major international and local mining companies, contributing to energy transition, empowering other industrial sectors, and boosting exploration spending in the Kingdom.
Significant Growth in Mining Sector
According to a report by MineHutte in collaboration with the Mining Journal, Saudi Arabia has witnessed the fastest growth in mining sector investments globally. The Kingdom has established a favorable regulatory and infrastructural environment for mining, ranking as the second-best country worldwide in terms of licensing environment.
New Incentives
Recently, the Ministry of Industry and Mineral Resources introduced new incentives in collaboration with the Ministry of Investment, providing support for companies with valid exploration licenses for less than five years, with a maximum value of SR7.5 million.