Saudi Arabia is offering investors a two-year extendable survey permit for all types of minerals within a landmark mining law introduced four years ago, a spokesman for the Saudi Industry and Minerals Ministry has said.

The world’s dominant oil exporter is also offering five -year licenses for mineral exploration at sites defined by the Ministry in various parts of the Kingdom, Jarrah Al-Jarrah said, quoted by Al-Madina and other Saudi newspapers on Sunday.

Jarrah clarified that the mining investment law, which aims to attract domestic and international capital into the country’s lucrative metal industry, comprises six types of mining licenses for private sector investment.

“One of them includes a surveying and detection license for all kinds of metals for two years, which can be extended…another is a five-year exploration permit covering all types of minerals,” Jarrah said.

In early 2021, Saudi Arabia approved its first mining investment law to tap its mineral industry, with an estimated value of nearly $2.5 trillion.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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