RIYADH: To increase investments and improve the sector’s competitiveness, Saudi Arabia has selected six domestic and foreign mining firms for its Exploration Enablement Program. In addition to Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., also known as AMAK, Royal Road, Ajlan and Bros Holding, and EV Metals Group were chosen for this initial qualification stage. As part of the government’s endeavour to draw in top-tier investments and quicken exploration efforts inside the Kingdom’s mining sector, these businesses will get crucial assistance.
Together with the Ministry of Investment, Saudi Arabia’s Ministry of Industry and Mineral Resources introduced the EEP during the Future Minerals Forum in January 2024. The fact that 49 applications from both domestic and foreign mining enterprises were received highlights the increasing interest in Saudi Arabia’s mining industry. Between 2024 and 2030, the government has set up SR685 million ($182.57 million) for the EEP, which will support projects aimed at enhancing the industry’s competitiveness on a global scale and generating long-term strategic value.
The program’s objectives are to fill up the knowledge gaps in geoscientific fields, develop indigenous expertise, and promote the exploration of Class A minerals, which include metallic minerals, precious and semi-precious stones, and ores that need sophisticated processing.
The project aims to lower investment risks in the mining industry, increase the dependability of technical data, and broaden the discovery of important minerals in underexplored areas. The program aims to increase trust in the mining sector in order to draw in both domestic and foreign investors.
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