The Saudi Ministry of Industry and Mineral Resources has awarded mining exploration licenses to several firms, including Vedanta and a Saudi-Chinese consortium. These licenses, covering an area of 4,788 square kilometers, are part of the Vision 2030 strategy to diversify the economy and attract foreign investment. A $97.6 million investment in exploration is anticipated over the next three years.
On Tuesday, the Ministry of Industry and Mineral Resources in Saudi Arabia granted mining exploration licenses to various local and international firms, as reported by the state news agency SPA. Among the recipients are Vedanta, an Indian mining company, and a consortium consisting of local firm Ajlan & Bros and China’s Zijin Mining.
The exploration licenses pertain to the kingdom’s first mineralized belts situated at Jabal Sayid in Madinah and Al Hajar in Aseer, which are abundant in base and precious metals, notably copper, zinc, gold, and silver. The total area covered by these licenses amounts to 4,788 square kilometers (1,849 square miles), according to SPA.
The Ministry has indicated that the awarded firms are expected to invest approximately 366 million riyals (equivalent to $97.6 million) in exploration activities over the forthcoming three years. This initiative forms part of Saudi Arabia’s Vision 2030 plan, aimed at diversifying the economy and reducing dependence on fossil fuels. The government aspires to attract an annual foreign investment of $100 billion by 2030.
Since 2022, Saudi Arabia has been issuing licenses to international mining companies. Last year, the country revised its estimates of untapped mineral resources, citing a significant increase from $1.3 trillion in 2016 to $2.5 trillion for resources including phosphates, gold, and rare earth elements. The exchange rate recorded stands at approximately $1 to 3.7505 riyals.
In summary, Saudi Arabia has awarded mining exploration licenses to various national and international companies, including Vedanta and a consortium of local and Chinese firms. This initiative aims to bolster the country’s mining sector as part of its Vision 2030 strategy, which seeks to attract substantial foreign investment and diversify the economy. The exploration activities are set to unfold over an extensive area rich in valuable minerals, further highlighting the potential of the nation’s untapped resources.
Original Source: www.mining.com
