Assalamu alaikum - 12 firms cleared for $179m mining exploration round in Saudi Arabia
Assalamu alaikum - Good news from Jeddah. Twelve local and international mining firms have passed the second stage of Saudi Arabia’s Exploration Enablement Program, getting initial approval for 38 licenses and about SR664 million ($179.3m) in exploration commitments.
The round drew a lot of interest - 44 applications from 14 companies - showing growing local and global attention on the Kingdom’s expanding mining sector, according to a joint statement from the Ministry of Industry and Mineral Resources and the Ministry of Investment.
This program is part of Saudi plans to speed up exploration of an estimated SR9.37 trillion in mineral resources and make mining a third pillar of the economy after oil and petrochemicals. The approved projects cover roughly 3,000 sq. km, with exploration spending pledged at around SR664 million.
Planned work includes over 752,000 meters of drilling, geophysical surveys worth about SR20 million, and collection and testing of more than 102,000 geochemical samples. The program also pushes companies to boost local content - so far an estimated SR6.1 million was spent locally, about 43% of the eligible companies’ expenditures.
These projects are expected to create around 63 direct jobs, including 27 Saudi nationals and 36 expatriates, reflecting an effort to support local talent while learning from international expertise.
The ministry also opened a reimbursement window for firms that joined the first round in 2024; companies can apply until Nov. 30, 2025. Launched at the Future Minerals Forum in January 2024, the EEP gives financial support to reduce early exploration risk, with reimbursements up to SR7.5 million per license.
The focus is on critical minerals like copper, lithium, nickel, gold, and iron, fitting into Saudi’s $100 billion mining investment plan to attract global partners by 2035. Preparations are underway for round three, which is expected to be announced in January 2026 at the next Future Minerals Forum in Riyadh and will widen exploration across the Arabian Shield toward strategic and energy-transition minerals.
May Allah bless beneficial initiatives and sustainable development for the community.
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