Saudi Ministry of Industry and Mineral Resources recently announced the awarding of 9 mining licenses to local and international companies. They cover 25 sites within the Nabita Al-Duwaihi belt in the Makkah Al-Mukarramah region. Accordingly, the awarded companies have committed to spending a total of SAR 156 million (USD 41.6 million) on exploration.
Expansion Of Mining Sector Will Attract Further Investment
The decision underscores Saudi Arabia’s commitment to strengthening its mining sector and diversifying its economy. Notably, the winning consortiums represent a blend of established industry players and emerging companies. The Ministry also announced plans to resume competition for an additional 10 sites within the Nabita Al-Duwaihi belt. Furthermore, a multi-round public bidding process will commence on 162 new sites located in the Al-Nuqra and Al-Shekhbar Al-Safra belts in the Al-Madinah Al-Munawwara region. As a result, this continued expansion is designed to attract further investment into the Kingdoms growing mining industry.
Al Baha Region Has Abundance Of Minerals And Precious Metals
Estimates indicate that mineral resources in the southern Al-Baha region, are valued at SAR 285.4 billion (USD 76.1 billion). The area boasts various mineral ores and has a repository of precious and base metals, including gold, silver, copper, zinc and lead. In addition, industrial rocks and ornamental stones such as feldspar, marble and pozzolan have also been identified. The region currently hosts 49 industrial factories involved in the production of building materials, food, plastics, rubber, chemicals and minerals. As a result they employ over 2,289 individuals across the various sectors.
The Ministry further emphasised the growing interest from leading global companies reflects confidence in Saudi Arabia’s mining sector. It`s mineral resources are worth SAR 9.4 trillion (USD 2.51 trillion) and represent a key pillar of Saudi Vision 2030.
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