By:Arabianbusiness

The Saudi Ministry of Industry and Mineral Resources (MIM) and the Ministry of Investment (MISA) announced a short-listing of six companies in the first batch of companies selected for the final stage of the Exploration Enablement Programme (EEP).

After a thorough evaluation by key authorities and experts, six companies with 49 applications were chosen for the programme from a competitive pool of 82 applications submitted by 18 companies, the ministries said.

The programme enables the exploration sector with a total license area of approximately 4,000 sq km, at an estimated total drilling per metre cost of SAR 179 million.

It also envisages a total cost of geophysics and geochemistry surveys of SAR 12 million, and a total workforce of 54 employees, including 25 expatriates and 29 Saudi professionals.

Launched at the Future Minerals Forum (FMF) in January 2024, the initiative aims to attract global investments and drive growth in Saudi Arabia’s mining and mineral industry as outlined in Vision 2030.

The programme attracted interest worldwide, with companies proposing innovative exploration ideas that align with the EEP’s objectives.

EEP focuses on exploring strategic minerals like copper, lithium, nickel, gold, and iron in untapped areas of Saudi Arabia.

By providing advanced geological data and reducing early-stage risks for exploration companies, EEP aims to create new investment opportunities and attract global mining giants.

Following this successful phase, the second wave of EEP is scheduled for January next year.