B: Zawya

According to Khalid Al-Mudaifer, Vice Minister for Mining Affairs at Saudi Arabia's Ministry of Industry and Mineral Resources, the Kingdom has nearly $180 billion in mining projects currently under study or implementation, with the majority involving foreign companies.

The Vice Minister revealed in an interview with Al Arabiya TV that participation in the nation's mining sector is growing significantly. He stated that more than 30 international companies are involved in the ninth round of exploration licenses, a group comprising six global firms, ten medium-sized companies, and over fourteen small exploration companies. He further noted that the number of operating companies in the sector has surged from just six to 135 in 2024, most of which are either foreign entities or partnerships with local firms.

This expansion has been matched by a substantial increase in investment. Al-Mudaifer reported that exploration investment has risen from less than $200 million annually to nearly $1.5 billion this year.

In a related development from July, the Ministry of Industry and Mineral Resources qualified 31 local and international companies to compete for exploration licenses across three mineral-rich belts spanning more than 24,000 square kilometers. The Vice Minister has said the ministry aims to launch exploration tenders for an area of 50,000 square kilometers by the end of the year.