Ministries Of Industry And Investment Select First Companies For Exploration Enablement Program In Saudi Arabia

The Ministry of Industry and Mineral Resources (MIM) and the Ministry of Investment (MISA) have revealed the first group of companies advancing to the final stage of the Exploration Enablement Program (EEP). This initiative, introduced at the Future Minerals Forum in January 2024, seeks to boost Saudi Arabia's mining sector by attracting international investments, aligning with Vision 2030.

EEP is designed to explore strategic minerals such as copper, lithium, nickel, gold, and iron in unexplored regions across Saudi Arabia. The program provides advanced geological data and mitigates early-stage risks for exploration companies. This approach aims to create new investment opportunities and draw global mining leaders to the region.

The program garnered worldwide attention, with numerous companies presenting innovative exploration concepts that align with EEP's goals. After a comprehensive evaluation by authorities and experts, six companies were selected from a competitive pool of 82 applications submitted by 18 firms. These chosen companies submitted a total of 49 applications.

The selected companies will operate within a total license area covering approximately 4,000 km². The drilling activities are projected to cost SAR 179 million, while geophysics and geochemistry surveys are estimated at SAR 12 million. The workforce comprises 54 employees, including 25 expatriates and 29 Saudi professionals.

Following this successful phase, the second wave of EEP is set to commence in January next year. This strategy aims to further advance greenfield exploration activities within the mining sector. By continuing these efforts, Saudi Arabia hopes to solidify its position as a key player in the global mining industry.

The Exploration Enablement Program is pivotal in driving growth within Saudi Arabia’s mining sector. By reducing risks for exploration companies and providing essential data, EEP fosters an environment conducive to investment and innovation.

With inputs from SPA