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News, Tue, Nov 04, 2025 | Jumada al-Awwal 13, 1447
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Saudi Arabia:
Twelve local and international mining companies
qualified for the second round of Saudi Arabia’s Exploration Enablement Program,
securing preliminary approval for 38 licenses and SR664 million ($179.3 million)
in exploration commitments.
The round drew 44 applications from 14 companies,
reflecting growing domestic and international interest in the Kingdom’s
fast-expanding mining sector, according to a joint statement from the Ministry
of Industry and Mineral Resources and the Ministry of Investment.
The program is part of Saudi Arabia’s plan to
accelerate exploration of its estimated SR9.37 trillion mineral wealth and
establish mining as the third pillar of its economy after oil and
petrochemicals.
“The two ministries explained that these projects
cover a total area of approximately 3,000 sq. km, with exploration spending
commitments reaching approximately SR664 million,” the release stated.
It added that the scope of work includes more than
752,000 meters of drilling, geophysical surveys worth approximately SR20
million, and the collection and analysis of over 102,000 geochemical samples.
“The program also encourages eligible companies to
contribute to the growth of local content, which has resulted in an estimated
SR6.1 million spent locally — representing an average of 43 percent of total
expenditures by eligible companies,” the release added.
The projects are also expected to support around
63 direct jobs, including 27 Saudi nationals and 36 expatriates, reflecting the
program’s commitment to supporting national talent while facilitating knowledge
transfer from international expertise.
In addition, the ministry opened a reimbursement
application window for companies that participated in the first round of the
program in 2024, allowing submissions until Nov. 30, 2025, through its website.
Launched during the Future Minerals Forum in
January 2024, the EEP provides financial incentives to de-risk early-stage
exploration, offering reimbursements of up to SR7.5 million per license.
The initiative targets critical minerals such as
copper, lithium, nickel, gold, and iron, aligning with Saudi Arabia’s $100
billion mining investment roadmap aimed at attracting global exploration
partners by 2035.
The ministry added that preparations are underway
for the third round of the program, expected to be announced in January 2026 at
the fifth edition of the Future Minerals Forum in Riyadh. The next phase will
expand exploration across the Arabian Shield, focusing on deposits of strategic
and energy-transition minerals.