Saudi Arabia has nearly $180 billion in mining projects under study or implementation, most of which involve foreign companies, according to Khalid Al-Mudaifer, Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources.
He revealed that more than 30 international companies are participating in the ninth round of exploration licenses, including six global companies, 10 medium-sized companies and more than 14 small exploration companies, he told Al Arabiya TV.
The number of companies operating in the mining sector has increased from six to 135 in 2024, most of which are foreign companies or in partnership with local companies.
Exploration investment has risen from less than $200 million annually to nearly $1.5 billion this year, Al-Mudaifer said.
In July, the Ministry of Industry and Mineral Resources qualified 31 local and international companies to compete for exploration licenses across three mineral-rich belts spanning over 24,000 sq km.
The ministry aims to launch exploration tenders for an area of 50,000 sq km by year-end, Al-Mudaifer has said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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