Saudi Arabia expands mineral exploration with 5 new licenses subject

Saudi Arabia expands mineral exploration with 5 new licenses subject

The Kingdom of Saudi Arabia plans to expand in the field of mineral exploration, by offering new licenses to search for copper, zinc, lead and iron deposits. The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, announced today, Sunday, October 30 (2022), that his country plans to sell 5 new licenses to explore for copper, zinc, lead, and iron minerals to local and international investors in 2023, according to what was reported by Reuters. He explained that Saudi Arabia is working - through expansion in the field of mineral exploration - to diversify the economy, away from hydrocarbons, according to statements seen by the specialized energy platform. Minister of Industry and Mineral Resources, Dr. Bandar Al-Khorayef, said that the ministry intends to launch the bidding process at a later date, to obtain licenses in Bir Um, Jabal Edsas, Umm Hadid, Jabal Al-Sahabiya and Al-Radaniya. The licenses are scheduled to be granted under a new law, which came into effect in January of last year (2022). This law aims to accelerate foreign investment in the sector as part of efforts to diversify the economy, away from hydrocarbons, according to information seen by the specialized energy platform. The field of mineral exploration in Saudi Arabia is one of the elements that Riyadh relies on in building an economy that does not depend on oil, by shifting to mining, especially since the Kingdom has huge untapped reserves of several resources, including phosphate, gold, copper, uranium, and bauxite. The main source of aluminium. Unmined minerals in Saudi Arabia The expansion of mineral exploration in Saudi Arabia helps take advantage of untapped mineral resources, which the Kingdom’s government estimates at up to 5 trillion Saudi riyals (1.33 trillion US dollars). According to a statement by the Ministry of Industry and Mineral Resources, most of the new mineral exploration licenses include zinc and copper deposits, while Mount Edsas holds quantities of iron, adding that Umm Hadid in the Riyadh region also includes lead, copper and silver.