Saudi Arabia has awarded mining exploration licenses to several local and international firms, including Vedanta and a consortium of Ajlan & Bros and Zijin Mining. These licenses cover mineralized areas rich in copper, zinc, gold, and silver, with an expected investment of approximately 366 million riyals. This initiative is part of Saudi Arabia’s broader Vision 2030 strategy to diversify its economy and reduce dependency on fossil fuels.
On March 18, 2025, Saudi Arabia’s Ministry of Industry and Mineral Resources announced the awarding of mining exploration licenses to various local and international companies. This decision, reported by the state news agency SPA, included licenses granted to Indian miner Vedanta and a consortium of Ajlan & Bros and Zijin Mining from China.
The newly awarded licenses focus on the kingdom’s initial mineralized belts, specifically in Jabal Sayid, Madinah, and Al Hajar, Aseer – regions famed for their wealth of base and precious metals, including copper, zinc, gold, and silver. The total area covered by these licenses is approximately 4,788 square kilometers (or 1,849 square miles).
The Saudi government anticipates that the miners will invest around 366 million riyals (equivalent to $97.6 million) on exploration activities over the next three years. This initiative aligns with Saudi Arabia’s Vision 2030, aimed at enhancing the economy’s diversity and reducing reliance on oil revenues.
Riyadh began granting mining licenses to international firms in 2022. It is noteworthy that in 2022, Saudi Arabia revised its estimates of untapped mineral resources to $2.5 trillion, significantly higher than the 2016 forecast of $1.3 trillion. This significant upward revision highlights the kingdom’s potential in mineral extraction, enhancing its investment appeal.
In summary, the recent awarding of mining exploration licenses in Saudi Arabia marks a significant step towards expanding the country’s mining sector. With investments planned and an emphasis on diversifying the economy, Saudi Arabia aims to attract increased foreign investment while capitalizing on its vast mineral resources.
Original Source: www.mining.com
