RIYADH: Saudi Arabia has recently declared its largest mineralized area yet comprising of 4,788 sq. km and offered five new mineral exploration licenses. Three of these licenses are specifically for Jabal Sayid site in Madinah, covering an area of 2,892 sq. km. and has deposits of gold, silver, copper, zinc and lead and the other two licenses are for Al-Hajjar site in the Asir region covering an area of 1,896 sq.km. with the deposits of the similar minerals.
The objective of this initiative is to speed up the exploration and development of the mineral sites in the country, estimated to be of SR 9.3 trillion ($ 2.4 trillion). It helps with the country’s plan to make mining a part of the economy and aligns with Vision 2030.
The competition for these licenses will go through several stages which are qualified lists, release of information, proposal assessment and announcement of the winners. The Ministry’s spokesman, Jarrah bin Muhammad Al-Jarrah said that this decision will attract more international and local mining firms. It is believed to advance the energy transition, boost other sectors, raise spending on exploration, enhance the national geological database, generate jobs, and promote sustainable economic development.
A report published by the MineHutte and the Mining Journal revealed that Saudi Arabia has been experiencing a steep increase in its mining investments and enhancements in its regulatory and infrastructural environment. The Kingdom has raised its mining licensing index to the second-best in the global ranking.
The ministry, along with the Ministry of Investment, recently launched new incentives of up to SR 7.5 million to firms that have valid exploration licenses for less than five years.
