Saudi Arabia has awarded mining exploration licenses to several companies, including Vedanta and a consortium of Ajlan & Bros and Zijin Mining. The licenses pertain to mineralized belts at Jabal Sayid and Al Hajar, covering an area of 4,788 square kilometers. This initiative is part of the Vision 2030 plan to diversify the economy and attract significant foreign investment.
On March 18, 2025, Saudi Arabia’s Ministry of Industry and Mineral Resources awarded mining exploration licenses to several local and international companies, as reported by the state news agency Saudi Press Agency (SPA). Notable recipients include Indian miner Vedanta and a consortium comprising local company Ajlan & Bros and China’s Zijin Mining.
These licenses encompass the kingdom’s first mineralized belts situated at Jabal Sayid in Madinah and Al Hajar in Aseer, which are rich in base and precious metals such as copper, zinc, gold, and silver. The total area allocated for exploration amounts to 4,788 square kilometers (1,849 square miles).
The ministry anticipates that these mining activities will attract an investment of approximately 366 million Saudi riyals (equivalent to $97.6 million) over the next three years. The expanding mining sector aligns with Saudi Arabia’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on fossil fuels, with a target of attracting $100 billion annually in foreign investment by 2030.
Additionally, in 2022, Riyadh began awarding licenses to international mining companies. Saudi Arabia has also increased its estimates for untapped mineral resources to $2.5 trillion from an earlier forecast of $1.3 trillion, reflecting significant potential in phosphate, gold, and rare earths. The current exchange rate stands at $1 = 3.7505 riyals.
The recent award of mining exploration licenses in Saudi Arabia demonstrates the kingdom’s commitment to expanding its mining sector as part of the Vision 2030 plan. The involvement of both local and international firms underscores the potential for economic diversification and investment opportunities in mining. With substantial untapped mineral resources estimated at $2.5 trillion, Saudi Arabia is poised to become a significant player in the global mining industry.
Original Source: www.mining.com
