Vision 2030: Saudi Arabia boosts mining sector with issuance of new licenses

 

Saudi Arabia issues new mining licenses to boost economy 

The Saudi Ministry of Industry and Mineral Resources has announced the release of seven new mining exploration licenses, inviting bids from both domestic and international investors. Covering approximately 1,000 square kilometers, these licenses are part of the kingdom's Accelerated Exploration Program, a strategic initiative aimed at rapidly advancing the exploration and development of Saudi Arabia's extensive mineral reserves, valued at an estimated 9.3 trillion riyals (around USD 2.5 trillion).

This initiative is a key component of Saudi Vision 2030, which seeks to elevate mining to a central role within the national industrial framework.

 

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The newly available sites are rich in both precious and base metals. Notable among them is "Umm Qasr" in the Riyadh region, which spans over 20 square kilometers and contains deposits of gold, silver, lead, and zinc. Another prominent site is "Jabal Subha," also located in the Riyadh region, covering more than 171 square kilometers, and is known for its silver, lead, zinc, and cobalt resources.

The release of these licenses is a strategic move by the kingdom to attract investment and expertise, aimed at unlocking the full potential of its mineral wealth.

 

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This initiative marks a significant step in Saudi Arabia's ongoing efforts to transform its mining sector into a key pillar of economic diversification. By promoting exploration and development through these new licenses, the Ministry of Industry and Mineral Resources underscores its commitment to cultivating a robust mining industry that will play a crucial role in the nation's long-term economic sustainability. This move not only aligns with the goals of Saudi Vision 2030 but also strengthens the kingdom's ambition to become a leading global player in the mining sector.

Source: https://menafn.com