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Wednesday, Jun 19, 2024

Saudi Arabia issues 27 new mining licenses in March

Saudi Arabia issues 27 new mining licenses in March

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 27 new mining licenses in March, up from the 18 it awarded the previous month as the sector continues to grow in line with the Vision 2030 economic diversification plan, according to official data.
The total number of licenses in the mining sector now stands at 2,314. Of those awarded in March, six were for mineral exploration, 13 for the building materials industry, and five for surplus mineral ores. The remaining permits were issued for reconnaissance and exploitation.

Saudi Arabia is on track to transform mining into the third pillar of the national industry. It is working to exploit its mineral resources spread across more than 5,300 sites and valued at about SR5 trillion ($1.33 trillion).

The Kingdom possesses more than 20 different types of minerals, including gravel, gold, iron, copper, granite, and marble. It has 35 locations with specific geological formations, called mineral belts, that contain abundant mineral deposits.
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