Wed. Apr 17th, 2024

The Ministry of Industry and Mineral Resources has revealed in a recent report that the total value of mineral resources in Saudi Arabia stands at approximately SR5 trillion. These resources are spread across more than 5,300 locations within the kingdom, underscoring the significant potential they hold for economic growth and development.

Issued by the ministry’s National Center for Industrial and Mining Information, the report emphasizes the government’s commitment to safeguarding the mining sector and unlocking its full potential. This initiative aligns with the objectives outlined in Saudi Vision 2030 and the National Industrial Development and Logistics Program, which aim to elevate mining as the third pillar of the national industry and harness the Kingdom’s mineral wealth.

Central to these efforts is the aspiration to position Saudi Arabia as a global industrial powerhouse and a key logistics hub. This entails leveraging the value of the mining and energy sectors while harnessing the opportunities presented by local content development and the advancements of the Fourth Industrial Revolution.

The report further highlights that as of the end of January, a total of 2,383 valid mining licenses have been issued. Among these licenses, the sector of building materials quarry holds the highest count with 1,513 licenses, followed by 613 exploration licenses, and 195 mining and small mine exploitation licenses. Additionally, there are 37 reconnaissance licenses and 25 surplus mineral ores licenses.

The Mining Investment Law and its accompanying regulations delineate six distinct types of mining licenses, each tailored to different stages of mineral exploration and exploitation. These licenses encompass reconnaissance, exploration, and exploitation activities, with varying durations and renewal options depending on the category of minerals and the scope of the project.

In particular, the law outlines provisions for mineral mining licenses, small mine licenses, and building materials quarry licenses, each designed to facilitate responsible and sustainable extraction practices while ensuring long-term economic benefits for the Kingdom. Moreover, the inclusion of surplus mining ores licenses underscores the government’s commitment to promoting efficient resource utilization across project sites and privately owned lands.

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