Arab News, Wed, Jan 22, 2025 | Rajab 22, 1446
Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program
Saudi Arabia:
Saudi Arabia has chosen six local and
international mining companies for its Exploration Enablement Program
designed to boost investments and enhance the competitiveness of the sector.
Royal Road, Ajlan and Bros Holding, and EV Metals
Group were selected for this first phase of qualification, as well as Ma’aden,
Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., also known as AMAK.
These companies will receive key support as part
of the government’s effort to attract high-quality investments and accelerate
exploration activities within the Kingdom’s mining industry.
The EEP was launched at the Future Minerals Forum
in January 2024 by Saudi Arabia’s Ministry of Industry and Mineral Resources, in
collaboration with the Ministry of Investment.
A total of 49 applications were submitted from
local and international mining companies, underscoring the growing interest in
Saudi Arabia’s mining sector.
The government has earmarked SR685 million
($182.57 million) for the EEP between 2024 and 2030, which will fund initiatives
to further strengthen the sector’s global competitiveness and create long-term
strategic value.
The program aims to address gaps in geoscientific
knowledge, foster local skills, and drive exploration for Class A minerals,
including metallic minerals, precious and semi-precious stones, and ores
requiring advanced operations.
The initiative is designed to expand the
exploration of strategic minerals in underexplored areas, reduce investment
risks in the mining sector, and enhance the reliability of technical data.
The program seeks to attract local and
international investors by fostering greater confidence in the mining industry.
The EEP focuses on widening the scope of
exploration by covering a total license area of 4,000 sq. km.
Additionally, the program has recorded an
extensive geophysical survey covering 9,500 sq. km. and achieved a total
drilling depth of 440,000 meters.
These efforts are expected to provide a
comprehensive understanding of the Kingdom’s mineral potential, facilitating
better planning and development within the mining sector.
As part of its strategic objectives, the program
is enhancing Saudi Arabia’s exploration capabilities by collecting 57,000
geochemical samples, supported by a team of 54 experts and professionals.
Saudi Arabia increased its projections for
undiscovered mineral potential by 90 percent to $2.5 trillion during the third
FMF in January 2024 with Minister of Industry and Mineral Resources, Bandar
Alkhorayef stating that the estimation for the Kingdom’s untapped potential has
grown from $1.3 trillion, reflecting the sector’s significant growth prospects.