JEDDAH: Twelve local and international mining companies qualified for the second round of Saudi Arabia’s Exploration Enablement Program, securing preliminary approval for 38 licenses and SR664 million ($179.3 million) in exploration commitments.
The round drew 44 applications from 14 companies, reflecting growing domestic and international interest in the Kingdom’s fast-expanding mining sector, according to a joint statement from the Ministry of Industry and Mineral Resources and the Ministry of Investment.
The program is part of Saudi Arabia’s plan to accelerate exploration of its estimated SR9.37 trillion mineral wealth and establish mining as the third pillar of its economy after oil and petrochemicals.
“The two ministries explained that these projects cover a total area of approximately 3,000 sq. km, with exploration spending commitments reaching approximately SR664 million,” the release stated.
It added that the scope of work includes more than 752,000 meters of drilling, geophysical surveys worth approximately SR20 million, and the collection and analysis of over 102,000 geochemical samples.
“The program also encourages eligible companies to contribute to the growth of local content, which has resulted in an estimated SR6.1 million spent locally — representing an average of 43 percent of total expenditures by eligible companies,” the release added.
The projects are also expected to support around 63 direct jobs, including 27 Saudi nationals and 36 expatriates, reflecting the program’s commitment to supporting national talent while facilitating knowledge transfer from international expertise.
In addition, the ministry opened a reimbursement application window for companies that participated in the first round of the program in 2024, allowing submissions until Nov. 30, 2025, through its website.
Launched during the Future Minerals Forum in January 2024, the EEP provides financial incentives to de-risk early-stage exploration, offering reimbursements of up to SR7.5 million per license.
The initiative targets critical minerals such as copper, lithium, nickel, gold, and iron, aligning with Saudi Arabia’s $100 billion mining investment roadmap aimed at attracting global exploration partners by 2035.
The ministry added that preparations are underway for the third round of the program, expected to be announced in January 2026 at the fifth edition of the Future Minerals Forum in Riyadh. The next phase will expand exploration across the Arabian Shield, focusing on deposits of strategic and energy-transition minerals.
