By: Times of india

In a significant strategic move, two of Saudi Arabia's largest mining firms, Ma'aden and Almasane Alkobra Mining Company (AMAK), have agreed to swap exploration licenses to optimize their respective portfolios and accelerate mine development. The exchange is designed to allocate licenses to the company best suited for their scale and expertise, streamlining exploration and aligning with Saudi Vision 2030's goal to establish mining as the nation's third economic pillar.

This cooperation is expected to catalyze the development of Saudi Arabia's estimated $2.5 trillion in untapped mineral wealth, including gold, copper, zinc, and critical minerals for green technology. The initiative is projected to generate up to 47,000 jobs for Saudi nationals by 2040 under Ma'aden's "Tharwah" program, significantly boosting national employment and skills development.

By enhancing operational efficiency and focusing on strategic exploration, the partnership aims to increase the mining sector's contribution to the national GDP and support the Kingdom's broader economic diversification away from oil dependence. The license swap is viewed as a foundational step for future joint ventures and a faster pathway to developing Saudi Arabia's mineral resources.