Latest news with #SR134
Leaders
2 days ago
- Business
- Leaders
Saudi Arabia Hits Record 144% in Mining Exploration Licenses in H1
Saudi Arabia has achieved a remarkable milestone by issuing a record number of new mining exploration licenses in the first half of 2025. Official data reveals a staggering 144% year-on-year increase, with a total of 22 licenses granted, marking a significant rise from just nine licenses issued during the same period last year. The surge reflects growing investor interest and the government's commitment to enhancing the mining sector's competitiveness. Aligning with Vision 2030 This increase aligns with the rapid growth of the Kingdom's mining industry, which serves as a central pillar in its Vision 2030 diversification strategy. Saudi Arabia aims to boost the sector's contribution to gross domestic product from $17 billion to $75 billion by 2035. The government supports this effort by accelerating the exploration and development of the Kingdom's estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). Jarrah bin Mohammed Al-Jarrah, the official spokesman for the Ministry of Industry and Mineral Resources, stated that 23 mining companies invested in the new licenses during the first half of this year. Notably, 16 of these companies obtained mining licenses for the first time. The total investment in these licenses exceeds SR134 million, covering an area of 47 square kilometers. The spokesperson also highlighted that the projects associated with these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores. These ores include salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. Currently, the total number of active mining and small-mine exploitation licenses in the Kingdom stands at 239. This total includes 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite. Additionally, there are 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. Attracting Investments Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer informed Asharq Business that the Kingdom's mining reforms have successfully attracted $32 billion in investments. These investments span projects involving iron, phosphate, aluminum, and copper. This amount represents nearly one-third of Saudi Arabia's ambitious target to attract $100 billion in mining investments by 2030. Al-Mudaifer emphasized that mineral exploration spending in the Kingdom has quadrupled since 2018. It now reaches $100 per square kilometer, with an impressive annual growth rate of 32%. This growth significantly surpasses the global average of 6 to 8%. In summary, Saudi Arabia's mining sector is experiencing unprecedented growth, driven by strategic investments and government reforms, driving the Kingdom well on its way to achieving its ambitious goals outlined in Vision 2030. Short link : Post Views: 7
Saudi Gazette
4 days ago
- Business
- Saudi Gazette
Saudi Arabia sees 144% surge in new mining exploitation licenses in H1 2025
Saudi Gazette report RIYADH — Saudi Arabia recorded a 144 percent increase in new mining exploitation licenses during the first half of 2025 compared to the same period last year, according to a statement issued Thursday by the Ministry of Industry and Mineral Resources. The ministry said it issued 22 exploitation and small-mine licenses in the six-month period, up from just nine in H1 2024, representing a total investment exceeding SR134 million ($35.7 million). The ministry attributed the significant growth to reforms aimed at improving the investment climate in the mining sector, which is emerging as a central pillar in the Kingdom's economic diversification plans. Ministry spokesperson Jarrah Aljarrah confirmed that 23 mining companies obtained licenses in the first half of 2025, including 16 firms receiving their first-ever mining license. The licensed areas span 47 square kilometers and are expected to produce 7.86 million tons annually of various minerals including salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. As of June 2025, Saudi Arabia had 239 active exploitation and small-mine licenses, including 32 category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite. The remaining 207 category B licenses cover industrial minerals like silica sand, gypsum, limestone, salt, and clay. The ministry reiterated its commitment to expanding the mining sector as a key driver of the Kingdom's industrial future. It aims to unlock an estimated SR9.4 trillion ($2.5 trillion) in untapped mineral resources, positioning the sector as a third pillar of the Saudi industrial economy.
