Saudi Arabia has awarded 11 mining exploration permits to local and international companies for six sites under its Accelerated Exploration Program, aimed at unlocking the Kingdom’s vast mineral resources. On Nov. 5, the Ministry of Industry and Mineral Resources announced that these permits, covering a combined area of 850 square kilometers across Riyadh, Makkah, and Asir, were granted as part of a competitive licensing round aligned with Vision 2030 and the National Industry Development and Logistics Program.
The recent round awarded exploration rights to a mix of national and international firms, with one national company and five alliances consisting of 10 companies securing licenses. Notably, ANS Exploration and Odyssey Metal Ltd. received a permit for the Umm Qasr site in Riyadh, known for its deposits of gold, silver, lead, and zinc, while Gold and Minerals Co. was granted rights to the Wadi Doush site in Asir, rich in gold, silver, and copper ores. Other licenses went to AuKing Mining Ltd. and Barg Al-Saman Mining Co. for the copper-rich Shuaib Marqan site in Riyadh, and Metal Bank Ltd. and the Mining Holding Co. for Wadi Al-Jouna in Asir, which holds copper, zinc, silver, and gold resources. The Rawkad and Masharef alliance and the Midad Al-Muna and Tinka Resources partnership also secured licenses for promising sites.
This round received 44 bids from 22 companies, evaluated on technical expertise, project proposals, and social and environmental considerations. Winning companies pledged to invest SR75 million ($20 million) in exploration activities and SR5 million for community development, focusing on job creation in underserved areas. This round also marks a milestone with four companies receiving exploration licenses for the first time, bolstering Saudi Arabia’s reputation as an attractive mining investment destination.
The ministry emphasized that this initiative reflects investor confidence in Saudi Arabia’s transparent and environmentally responsible mining investment framework. As part of Vision 2030, it aims to diversify the economy by developing mining into a major economic sector. Additionally, a new competition for seven more mining licenses, targeting metals like gold, copper, zinc, and silver, is underway, with proposals due by the end of November.
In a related move, the ministry signed an MoU with Sukuk Capital to enhance industrial financing, providing solutions for local factories’ working capital, asset, and acquisition needs to support industrial growth and sustainability.
