Saudi Arabia’s Ministry of Industry and Mineral Resources awarded mining exploration licenses to local and international firms, including Vedanta and a consortium with Ajlan & Bros and Zijin Mining. The licensed areas at Jabal Sayid and Al Hajar cover 4,788 square kilometers and are rich in base and precious metals. The firms are expected to invest approximately 366 million riyals over three years to explore the resources, contributing to the Vision 2030 initiative.
On March 18, 2025, Saudi Arabia’s Ministry of Industry and Mineral Resources announced the awarding of exploration licenses to several local and international mining firms, as reported by the Saudi Press Agency (SPA). Companies such as India’s Vedanta and a consortium of Ajlan & Bros and China’s Zijin Mining are among the recipients of these licenses.
The exploration licenses are centered on the kingdom’s inaugural mineralized belts at Jabal Sayid in Madinah and Al Hajar in Aseer, both rich in valuable resources including copper, zinc, gold, and silver. The total area of licensed exploration spans approximately 4,788 square kilometers (1,849 square miles).
Furthermore, it is estimated that the companies will invest around 366 million riyals (approximately $97.6 million) in exploration activities over the next three years. This initiative is aligned with Saudi Arabia’s Vision 2030 plan, aiming to diversify the economy and reduce dependency on fossil fuel revenues while attracting $100 billion in annual foreign investments.
Since starting to allocate licenses to international miners in 2022, Saudi Arabia has revised its estimates for untapped mineral resources. These resources, which include phosphate, gold, and rare earth minerals, are now valued at approximately $2.5 trillion, a substantial increase from the prior forecast of $1.3 trillion in 2016.
In summary, the Saudi Ministry of Industry and Mineral Resources has successfully awarded mining exploration licenses to a mix of local and international companies, reinforcing the kingdom’s push to diversify its economy through its rich mineral resources. This move is a vital part of Saudi Arabia’s Vision 2030 initiative, reinforcing the government’s commitment to enhancing its mining sector and attracting significant foreign investment.
Original Source: www.mining.com
