Saudi Arabia's Ministry of Industry and Mineral Resources has awarded exploration licences for 4,788km² within the mineral-rich regions of Jabal Sayid and Al-Hajjar to several local and international mining companies.

This move is part of the ministry's strategic plan to expedite the exploration and development of the kingdom's mineral resources, which are valued at an estimated SR9.3trn.

The country began granting licences to international miners in 2022.

Indian mining giant Vedanta and a consortium led by local operator Ajlan & Bros and China's Zijin Mining are some of the companies that were awarded the licences, reported Reuters.

The ministry stated that miners will invest around SR366m in exploration over the next three years.

The government aims to attract $100bn annually in foreign investment by 2030. The initiative is expected to contribute to the national economy and align with the Saudi Vision 2030 aimed at diversifying the country’s economy and reducing dependence on fossil fuels.

Meanwhile, the Ministry of Industry and Mineral Resources, alongside the Ministry of Investment, launched the second phase of the Mining Exploration Enablement programme in January.

This initiative aims to support exploration activities and mitigate the risks associated with the early stages of exploration.

The kingdom is also offering incentives under its Mining Investment Law to encourage further investment.

These include provisions for 100% foreign ownership of mining companies and access to financing for up to 75% of capital costs from the Saudi Industrial Development Fund.

Earlier this month, the ministry launched the ninth round of exploration licence competitions for three mineralised areas spanning 24,946km².

As announced at the fourth edition of the Future Minerals Forum in January, this initiative is part of the ministry’s plan to grant exploration licences for mining sites rich in gold, copper and zinc covering more than 50,000km² of area in 2025.

The licensing competitions are a critical component of the ministry's strategy to realise the goals for the mining and mineral industries sector.

This strategy seeks to optimise the use of mineral resources and reinforce the mining sector's role in the national economy.

In December 2024, Saudi Arabia successfully extracted lithium from brine samples from Aramco’s oilfields.