Saudi Arabia awards 172 mining licenses with investments of 671 million riyals
In a strategic move reflecting the accelerating pace of economic transformation in the Kingdom, the Saudi Ministry of Industry and Mineral Resources announced the results of the largest mining competition in the country's history, with 24 local and international companies and consortia winning exploration licenses for 172 mining sites. This step culminates intensive efforts aimed at exploiting the Kingdom's untapped mineral resources, with 76 of these sites progressing to the multi-round public auction stage, and total expected exploration spending exceeding 671 million riyals during the first two years of the work programs.
The third pillar of national industry: the vision context
This event cannot be viewed in isolation from the broader context of Saudi Vision 2030, which has established the mining sector as the third pillar of national industry, alongside oil and petrochemicals. Through these massive competitions, the Kingdom aims to maximize the value generated by the mining sector and capitalize on its mineral wealth, estimated at over 9.4 trillion riyals (approximately $2.5 trillion). This approach not only aims to diversify income sources but also directly contributes to creating quality job opportunities, developing remote areas, and enhancing local content.
Geological and economic importance of mineralized belts
The proposed sites are of particular geological importance, as they are spread across an area exceeding 24,000 square kilometers within major mineralized belts of the Arabian Shield, a geologically rich region of metallic minerals. These sites include the Al-Duwaihi/Nabitah gold belts in the Riyadh region, and the Al-Naqrah and Sukhaybirah/As-Safra belts in the Madinah and Qassim regions. These areas are rich in strategic minerals vital to modern industries and the energy transition, such as gold, copper, silver, zinc, and nickel.
The broad interest from global and local companies reflects growing confidence in the Kingdom’s legislative and investment environment, especially after the issuance of the new Mining Investment Law, which provided a transparent and competitive environment and reduced the risks associated with investing in this vital sector.
Transparency of procedures and awarding mechanism
The ministry explained that the competition saw the participation of 26 qualified companies through the electronic bidding platform, and the process was conducted according to the highest standards of transparency and fairness. The journey began with a pre-qualification phase to verify the technical and financial viability of the competitors, followed by site selection, and culminating in a public auction for the sites that witnessed intense competition. The scale of investment commitments in this round underscores the Kingdom's commitment to developing untapped exploration areas (greenfields), thereby enhancing the resilience of global mineral supply chains, which are facing increasing challenges.
Future outlook: Promising opportunities until 2026
Looking ahead, the Ministry affirmed its commitment to offering investment opportunities, noting that exploration licenses are being issued for new sites covering 13,000 square kilometers in the regions of Madinah, Makkah, Riyadh, Qassim, and Hail. The Kingdom is also preparing to unveil a new package of investment opportunities for 2026 during the fifth edition of the International Mining Conference, the world’s leading event in the sector, scheduled to be held in Riyadh in mid-January 2026, further solidifying the Kingdom’s position as a global hub for minerals.
