RIYADH: Saudi Arabia has unveiled its largest mineral belt to date, spanning 4,788 square kilometers and including five new exploration licenses.
Three permits offered to local and global firms are reserved for the Jabal Syed site in Medina.
It covers an area of 2,892 square kilometers and contains minerals such as gold, silver, copper, zinc and lead, according to a statement issued by the Ministry of Industries and Mineral Resources.
The remaining two licenses relate to the Al-Hajjar site in the Asir region, which covers 1,896 square kilometers and also contains gold, silver, copper, zinc and lead.
The initiative aims to accelerate the exploration and development of Saudi Arabia's mineral resources, which are valued at SR9.3 trillion ($2.4 trillion).
This is in line with Saudi Arabia's ambition to transform mining into a fundamental industrial pillar of the country's economy. This is also in line with the ministry's aim to further strengthen the sector and contribute to the ongoing development under Saudi Vision 2030.
The release describes the stages of the competition, including pre-qualification, release of notices, evaluation of proposals, and announcement of winners.
Jarrah bin Muhammad Al-Jarrah, the official spokesman for the Ministry of Industry and Mineral Resources, noted that offering these sites would attract major international and local mining companies. The initiative is expected to contribute to energy transition, empower other industrial sectors and increase exploration spending in the state.
The initiative is expected to increase exploration spending in the state, enrich the national geological database with technical data, create new employment opportunities and encourage sustainable economic growth.
According to a report by Minehot in collaboration with Mining Journal, the Kingdom has experienced the fastest growth in investment in the mining sector worldwide.
The report also revealed that over the past five years, the state has taken the lead in developing a favorable regulatory and infrastructural environment for mining, and has improved its Mining Licensing Index to become the second best country in the world in terms of licensing environment.
Recently, the ministry in collaboration with the Ministry of Investment introduced new incentives, including support for companies with valid exploration licenses for less than five years, with a maximum value of SR7.5 million.
