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Saturday, Aug 20, 2022

Saudi ministry issues 84 mining licenses in June

Saudi ministry issues 84 mining licenses in June

The Ministry of Industries and Mineral Resources (MIM) has announced that it has issued 84 new mining licenses in the month of June.
According to the National Center for Industrial and Mining Information in the ministry, the 84 licenses issued during the month include 51 exploration licenses, 26 building materials quarry licenses, and 3 surplus mineral ores licenses.

Two of the licenses are for reconnaissance purpose and another two are exploitation licenses.

The number of valid mining licenses until the end of June reached 2,100, topped by building materials quarry licenses with 1,368 licenses, followed by 510 exploration licenses, 167 exploitation licenses, 31 reconnaissance licenses and 24 surplus mineral ores licenses.

With 499 licenses, the Riyadh region recorded the largest number of mining licenses issued. It is followed by the Makkah region with 387 licenses, the Eastern region (Al-Sharqiyah) with 346 and the Madinah region with 236 licenses in the sector.

The Mining Investment Law and its implementing regulations set six types of mining licenses as follows: The reconnaissance license including all types of minerals for two years, which is extendable; all mineral exploration license for five years, which applies to minerals of categories (A, B); a license for category of minerals (C) for a period of one year, a general-purpose license associated with mining or a small mine license.

The law identified exploitation licenses, which include the mineral mining license of categories (A) and (B), with a license period of no more than 30 years, which is renewable or extendable; the license of a small mineral mine of categories (A) and (B), with a license period of no more than 20 years; the license of a building material quarry, with a license period of up to 10 years, which is renewable; and the license of "surplus mineral ores on project sites or privately owned land."

The Ministry of Industries and Mineral Resources seeks to protect and maximize the value of the mining sector in accordance with the objectives of the Saudi Vision 2030 and the National Industrial Development and Logistics Program. It aims to transform mining into the third pillar of national industry and exploit the Kingdom's mineral wealth, which is spread across more than 5,300 sites and is valued at approximately SR5 trillion.
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