The Ministry of Industry and Mineral Resources has confirmed the launch of a new bidding round for three mineral exploration licenses (covering 13,000 square kilometers), according to reporting by Arab News. The move accelerates plans to unlock mineral resources estimated at SR9.4 trillion ($2.5 trillion). This initiative, part of Vision 2030’s economic diversification drive, is explicitly aimed at attracting specialized global mining companies to deposits rich in gold, silver, copper, zinc, and nickel.
The licenses cover newly defined belts across five regions, Madinah, Makkah, Riyadh, Qassim, and Hail, and include extensions of existing high-yield zones. Notably, the areas feature extensions of the Nabitah–Duwaihi belt, which already hosts the Al-Duwayhi gold mine (producing around 180,000 ounces annually), and the Sukhaybarat–Al-Safra belt, known for significant gold and base metal reserves.
A Transparent Path for Global Investment
The Ministry of Industry and Mineral Resources emphasizes that this year’s licensing rounds are fully automated, transparent, and competitive, building on successful prior rounds that began in 2021. The process is structured in three phases: the prequalification stage, which closes on December 15, requires proof of technical and financial capability; site selection follows via an electronic platform; and a multi-round public auction is scheduled for the first quarter of 2026. Companies will compete based on their proposed exploration spending commitment, ensuring the rapid development of high-demand locations.
This strategic opening of the Kingdom’s geology is backed by comprehensive data. The government provides extensive geological and geophysical mapping of the Arabian Shield through its digital platform Taadeen, ensuring fairness and efficiency for all qualified bidders.
The Scale of Sector Growth
The reformed investment environment, driven by a new mining law and supportive regulations, has already delivered dramatic growth. Private-sector exploration spending surged from SAR155 million in 2021 to SAR770 million in 2024. This growth confirms the success in attracting major global mining entities. To further incentivize participation, the government offers support packages through the Exploration Empowerment Program, including funding of up to SAR7.5 million per application to cover exploration activities. The combination of vast untapped wealth, a predictable legal framework, and strong financial enablement positions Saudi Arabia’s mining sector as a primary target for global exploration capital and expertise.
