RIYADH: Saudi Arabia has qualified 24 local and international companies and consortiums to compete for exploration licenses across three multi-mineral belts.
The Ministry of Industry and Mineral Resources said the belts cover a combined area of approximately 13,000 sq. km across five regions: Madinah, Makkah, Riyadh, Al Qassim, and Hail.
The licenses target a range of minerals, including gold, silver, copper, nickel and zinc, with estimated mineral resources valued at SR9.4 trillion ($2.5 trillion).
The announcement marks another step in Saudi Arabia’s efforts to develop its mining sector and unlock the potential of its largely untapped mineral resources as part of broader economic diversification plans under Vision 2030.
Ministry spokesman Jarrah bin Mohammed Al-Jarrah said that “this competition includes new exploration sites representing an extension of belts previously offered.”
