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Saudi Arabia is advancing efforts to unlock an estimated $2.5 trillion worth of mineral resources through its Regional Geological Survey Programme of the Arabian Shield, local English language daily Asharq Al-Awsat reported last week.
Speaking at the 8th Paris Peace Forum, Turki Al-Babtain, Deputy Minister for Mining Development at the Ministry of Industry and Mineral Resources said the exploration programme covers a total area of 600,000 square kilometres (sq. km).
He said to date, more than 33,000 sq. km have been tendered for exploration, with an additional 50,000 sq. km of mineralised investment opportunities expected by 2025.
Al-Babtain highlighted that the Kingdom’s reformed Mining Investment Law enforces strict ESG standards, mandates community engagement, and requires comprehensive environmental rehabilitation by investors.
These measures, combined with competitive incentives, have attracted leading global mining companies, including Ivanhoe Electric, Vedanta, Hancock Prospecting, Zijin Mining, Discovery Group, and Kuya Silver.
The officia said that exploration spending surged from $133.5 million in 2023 to $280.5 million in 2024, while the number of active mining companies grew from six in 2020 to 226 in 2024.
(Writing by N Saeed; Editing by Anoop Menon)
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