Latest news with #SR9.4
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.
Arab News
16-04-2025
- Business
- Arab News
Riyadh, Jakarta hold talks to strengthen ties in mining sector
JEDDAH: Economic ties between Saudi Arabia and Indonesia are set to deepen as the Kingdom's top minister visits Jakarta to explore investment opportunities and enhance cooperation in the mining and industrial sectors. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a high-level delegation to Indonesia from April 15 to 17, aiming to strengthen bilateral business relations and forge strategic partnerships across mining, food, pharmaceuticals, and auto parts industries, the Saudi Press Agency reported. This comes as the Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion). In a post on his X account, Alkhorayef said: 'At the start of my visit to Indonesia, I met with the Special Presidential Envoy for Energy and Environmental Affairs to discuss cooperation in mining and explore opportunities to strengthen bilateral partnerships.' His meeting with Special Envoy Hashim Djojohadikusumo focused on enhancing collaboration in the mining sector. The Indonesian official highlighted promising prospects in the production of strategic minerals, including nickel and copper, according to a statement from the Saudi Ministry of Industry. Alkhorayef emphasized the alignment of Saudi-Indonesian priorities, citing the mining sector's key role in Saudi Arabia's economic diversification under Vision 2030. The Saudi minister also held a meeting with Industry Minister Agus Gumiwang Kartasasmita and Minister of State-Owned Enterprises Erick Thohir. 'During the two meetings, we discussed ways to enhance industrial cooperation and expand partnerships between private sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom's goals to become an industrial and logistics hub in the region.' Alkhorayef said. As part of his trip, Alkhorayef also visited PT Vale Indonesia Tbk and Mining Industry Indonesia, or MIND ID, to learn about their pioneering efforts in mineral exploration and mining. During these visits, he held discussions with senior executives on ways to boost cooperation in strategic minerals — particularly nickel, cobalt, and copper — while promoting sustainable practices and outlining Saudi Arabia's National Mining Strategy and investor-friendly ecosystem. The talks also focused on strengthening private sector collaboration, attracting investment, and sharing expertise in critical minerals essential to the global energy transition. Technology and innovation were highlighted as key drivers of growth in the mining sector, aligned with broader sustainable development goals. At MIND ID, both sides discussed best practices in mining operations and explored potential partnerships to develop strategic minerals sustainably. Conversations with PT Vale underscored the importance of innovation and technology in shaping the future of mining. Alkhorayef noted that Indonesia's mining achievements align closely with Saudi Arabia's mining strategy, which aims to unlock domestic mineral resources, localize value chains, and position the Kingdom as a global hub for mining investment and innovation. Indonesia ranks among the world's top producers of strategic minerals, including nickel, cobalt, copper, tin, and gold. In 2023, the mining sector contributed 11.9 percent to the country's gross domestic product, underscoring its critical role in the national economy. The country continues to attract international investment focused on developing downstream industries and reinforcing global mineral supply chains — goals that mirror Saudi Arabia's own strategy to localize value chains and maximize its mineral wealth, the ministry's statement added.
Arab News
14-04-2025
- Business
- Arab News
Saudi Arabia, US to deepen mining ties after high-level talks with Energy Secretary Chris Wright
JEDDAH: Saudi Arabia and the US are poised to strengthen mining ties following high-level talks in Riyadh, where both sides discussed boosting investment, economic cooperation, and critical mineral supply chains. Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met with US Secretary of Energy Chris Wright on April 13, as part of the White House official's ongoing visit to the Kingdom, according to the Saudi Press Agency. The meeting, which was also attended by Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer, focused on strengthening the strategic partnership between Saudi Arabia and the US in the mining and minerals sector. In a post on his X account, Alkhorayef said: 'I met with US Secretary of Energy Chris Wright at the Ministry's headquarters in Riyadh, where we focused on enhancing strategic cooperation in the mining sector. We also discussed future partnership prospects and reviewed the long-standing industrial relations between our two countries.' Discussions explored ways to expand bilateral cooperation in mining, with an emphasis on the sector's critical role in the global energy transition, advanced technologies, and clean energy-driven economies. The talks also highlighted the importance of minerals in electric vehicle production and their components, identified key investment opportunities, and examined mechanisms to unlock their potential. Both sides reaffirmed their commitment to strengthening economic collaboration and deepening long-standing ties. Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic — SPAENG (@Spa_Eng) April 14, 2025 Alkhorayef extended an invitation to Wright to attend the 2026 Future Minerals Forum, scheduled to be held in Riyadh. The Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion), according to official figures. Attracting international investment in the mining sector is central to Saudi Arabia's ambition to reach $100 billion in annual foreign direct investment by the end of the decade. In March, the Kingdom announced a new incentive package to boost FDI in the mining industry, underscoring its broader strategy to diversify the economy and tap into its untapped mineral reserves. The initiative reflects close coordination between the ministries of investment and industry through an exploration enablement program aimed at streamlining market entry for exploration firms. The program also seeks to enhance geological surveying and foster a competitive investment environment for both local and international mining companies.
