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Saudi Arabia awards $97.5 million in mining licenses to boost exploration
The licensing round drew 14 bidders, evaluated on technical skills, plans, and social and environmental commitments.
Saudi Arabia has awarded exploration licenses worth $97.5 million to local and international companies for mineral-rich belts at Jabal Sayid and Al-Hajjar, advancing its economic diversification efforts.
The Ministry of Industry and Mineral Resources granted licenses for sites covering 4,788 sq. km, with estimated mineral reserves valued at $2.48 trillion. This initiative aligns with the Kingdom’s Vision 2030 strategy to position mining as a key economic driver alongside oil and petrochemicals.
The successful bidders include Ajlan & Bros-Norin for Mining, which secured the southern Al-Hajjar site, and a consortium comprising Artar, Gold and Minerals Ltd Co., and Jacaranda—owned by Australian firm Hancock Prospecting—which won the northern Al-Hajjar license.
Indian mining giant Vedanta Ltd. was awarded the first exploration permit for the Jabal Sayid belt, while a consortium of Ajlan & Bros Mining and Chinese mining powerhouse Zijin Mining received the second license.
The licensing round drew interest from 14 local and international bidders, assessed based on their technical expertise, proposed work plans, and commitments to social and environmental responsibility, the ministry stated. The awarded sites are rich in copper, zinc, lead, gold, and silver.
Beyond the $97.5 million pledged for exploration over the next three years, the winning companies will also allocate $5.8 million toward community development initiatives in areas surrounding the mining sites.
To further accelerate exploration, the ministry has launched the second phase of its Mining Exploration Enablement Program in collaboration with the Ministry of Investment, which aims to mitigate early-stage exploration risks.
Saudi Arabia is also enhancing investment incentives by allowing full foreign ownership, offering up to 75% financing through the Saudi Industrial Development Fund, and making 50,000 sq. km of mineral-rich belts accessible via the Taadeen platform.
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