Saudi Arabia introduced the Mining Exploration Enablement Program, which invites foreign firms and explorers for participation. The Saudi mining industry is set to grow rapidly in the coming period. According to a statement, the Kingdom’s Ministry of Investment, Industry and Mineral Resources has invited foreign businesses operating in the industry to sign up for the program.

By concentrating on undiscovered areas, the initiative seeks to increase exploration efforts and maximize the revenue derived from the mining industry. In addition, it aims to promote geological knowledge by producing cutting-edge data that adheres to global standards, cultivate investment prospects, and nurture local talent. In addition it focuses to strengthen skills and capacities in the nation’s mineral exploration region.

The Ministry of Industry clarified that in order to be involved in the project, one must satisfy a number of requirements, including concentrating on investigating strategic minerals that fall under Category A of the mining investment system. Copper, lithium, nickel, gold, and iron are some of these minerals.

Prioritizing previously unexplored areas should also be part of discovery initiatives. It was mentioned that in order to promote investment and growth inside the permit, businesses must: acquire a valid exploration license within the first five years of the permit’s existence; exhibit a successful track record in exploring new sites; and strongly involve local service providers.

Interested investors can submit their applications by May 31. The winners will be announced by the end of July 2024. According to a report, these programs, which were created in combination with the Ministry of Investment, are meant to lower the risks that exploration companies face. These goals are consistent with Vision 2030. Considering that Saudi Arabia is thought to have SR9.4 trillion in mineral wealth, the Saudi Kingdom wants to make mining a fundamental industrial pillar.

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