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Saudi Arabia expands mining sector with 28 new licenses

The Saudi Ministry of Industry and Mineral Resources issued 28 new mining licenses in August 2024, supporting growth in the sector.

Saudi Arabia expands mining sector with 28 new licenses

In August 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources granted 28 new mining licenses, adding to the Kingdom’s expanding resource sector. This brings the total number of active licenses to 2,288, reflecting the government’s ambitious push to strengthen the mining industry’s economic contributions as part of the Saudi Vision 2030 strategy. Saudi Arabia's mineral wealth, spanning over 5,300 sites, is estimated at approximately 9.3 trillion riyals.

The newly issued licenses cover a variety of minerals, including precious metals and industrial materials, aligning with the objectives of the Mining Investment Law, which seeks to enhance sector efficiency and attract international investment.

The Ministry’s recent efforts aim to streamline the regulatory environment and increase transparency in licensing processes, encouraging both domestic and foreign companies to explore opportunities in the Kingdom. This growth aligns with Saudi Arabia’s long-term goal to diversify its economy away from oil dependency and build a competitive mining sector. Through targeted initiatives, the government is working to enhance infrastructure and offer financial incentives to support companies involved in exploration, extraction, and production activities across various mineral-rich regions.

The increase in mining licenses highlights Saudi Arabia’s commitment to transforming its mineral resources into a significant economic pillar, contributing to job creation and industrial development within the country.

Al-Jarrah explained that the Mining Investment Law and its executive regulations define six types of mining licenses. These include exploration licenses (for all types of minerals for a period of two years), exploration licenses for metals in categories (A) and (B) for a duration of five years, and general-purpose licenses.

Additionally, the law specifies exploitation licenses, which include mineral mining licenses in categories (A) and (B) (with a term of up to 30 years and renewable) as well as small mine licenses (with a term of up to 20 years). The building materials quarry license falls under category (C) and has a term of 10 years, which is extendable.

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