JEDDAH: Twelve local and international mining companies qualified for the second round of Saudi Arabia’s Exploration Enablement Program, securing preliminary approval for 38 licenses and SR664 million ($179.3 million) in exploration commitments.
The round drew 44 applications from 14 companies, reflecting growing domestic and international interest in the Kingdom’s fast-expanding mining sector, according to a joint statement from the Ministry of Industry and Mineral Resources and the Ministry of Investment.
The program is part of Saudi Arabia’s plan to accelerate exploration of its estimated SR9.37 trillion mineral wealth and establish mining as the third pillar of its economy after oil and petrochemicals.
“The two ministries explained that these projects cover a total area of approximately 3,000 sq. km, with exploration spending commitments reaching approximately SR664 million,” the release stated.
It added that the scope of work includes more than 752,000 meters of drilling, geophysical surveys worth approximately SR20 million, and the collection and analysis of over 102,000 geochemical samples.
