Saudi Arabia’s Spending Five Checks to $280m as Mining Sector Accelerates
Saudi Arabia’s mineral consumption has increased for the fifth time in four years, reaching SR1.05bn ($280.5m) by 2024, according to the Ministry of Industry and Solidarity Services (Minay).
The Mineral Exploration Report 2024 states that record growth in private investment, expansion of land exploration programs, and many changes in the regulatory framework set as a pillar of the national economy under vision 2030.
Private spending on exploration licenses increased by 164 percent, from SAR 155M ($41.3m) in 2020 to SAR 1070m ($205m) in 2024.
Saudi mine
Government funding for country programs and increased greatly, from SAR 11M ($2.9m) in 2020 to 200m ($48m) in 2024 – An increase from 16.
The number of active exploration companies goes from 6 in 2020 to 226 in 2024, signaling the confidence of investors and the involvement of local and international suppliers.
“Saudi Arabia’s mining sector is entering a new phase of rapid growth and maturity,” said Eng. Khalid AL-Mudaifer, Minister of Mines, Min.
“Progressive legislation, focused national programs, and international cooperation are key enablers of this unprecedented growth.”
Assessing the sustainability and growth of the world
Inspection cost increased from SR105 ($28) for SR539 to SR539 ($143.7) SQ KM for 20 to 12 to 12.
More than 70 percent of total spending is targeted at new or under-explored areas, the highest proportion among the 21 countries surveyed.
Advanced-Stage projects were listed at SR349M ($93M), followed by lower-stage exploration at SR263M ($70.1m), indicating a healthy pipeline from acquisitions.
Tenders are tenders
Committed spending on all eight tenders reached SR1.2BN ($320m), and 3 320m) participants representing Australia, Canada, and the UK.
The number of areas for sale was increased from one in 2022 to 202, and foreign investors accounted for 66 percent of the total mining investment, emphasizing the growing dependence of the world on the control area in the Kingdom.
Work skills
The State reserves 933 properties in various stages of development, including 691 for gold and 242 for base metals such as zinc and copper.
Preliminary measurements reveal 67m ounces of gold, 3.87m tons of zinc, and mineral tons containing around 12m ounces of gold, 33,000 tons of zinc.
The data shows Saudi Arabia’s mineral wealth and its potential to play a central role in the clean energy supply chain and lower energy costs.
Public and private sectors
The growth trajectory highlights the close cooperation between government agencies and the private sector, led by the Saudi Geological Survey (SGS).
Through strategies such as the Global Geological Survey Program (RGP) and the Rapid Assessment Program (AEP), SGS is developing a comprehensive national database for data tracking and mineral discovery.
According to a report by the Fraser Institute, Saudi Arabia has improved from 104th to 23rd place in the world in the last ten years in the search for funds in the past in the mining search, in the Aperforming American many in Asia and Latin America.
Minerals Policy
The Kingdom ranks first in the world for the speed of development (2018-2023), Second in the Mineral License Policy index, and entered the top POPT sports policy.
It has also made notable gains with its regulatory and legal framework, placing it among the worst mining festivals in the world.
The Ministry said that the results confirm the emergence of Saudi Arabia as a global mining power, supported by a tuned law, stable relations, and the vision of a plan to make mining the third economy of the country’s economy and sector.
