Saudi Arabia to offer major mining exploration opportunities in 2026-2027

RIYADH, Jan 14 (KUNA) -- The Kingdom of Saudi Arabia intends to offer major exploration opportunities through competitive bidding rounds during 2026-2027 to develop its untapped mineral wealth, estimated at around USD 2.5 trillion, said Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef on Wednesday.
The announcement was made during his address at the International Mining Conference (IMC), held in the Saudi capital Riyadh with wide international participation. Al-Khorayef highlighted the Kingdom's success in awarding exploration licenses covering more than 33,000 square kilometers to date, noting that the ninth bidding round alone resulted in the allocation of 172 mining sites to 24 local and international companies and consortia.
The minister noted that geophysical and geochemical surveys of the Arabian Shield have been completed at a rate of 100 percent, adding that spending on exploration activities has increased by more than fivefold since 2020, rising from SAR 1 million to approximately SAR 1.052 billion in 2024, equivalent to nearly USD 280 million.
Al-Khorayef said the International Mining Conference has evolved into an influential global platform for shaping mining policies, stimulating investment and building partnerships across the entire mining value chain, particularly in light of major global transformations related to artificial intelligence and energy transition, which cannot be achieved without access to critical minerals.
He added that the fifth International Ministerial Meeting on Mining Affairs, held yesterday, resulted in the adoption of the Future Minerals Framework, progress in centers of excellence, the development of responsible mining standards, and alignment with the World Bank's new mining sector strategy. He explained that the objective is to elevate mining from a purely extractive activity to a value-creating sector that generates jobs and supports economic development.
The Saudi minister stressed that these efforts align with the goals of Saudi Vision 2030 to enhance the resilience of global mineral supply chains, noting that the Kingdom's mining sector is experiencing sustainable growth and has become increasingly attractive to investment, contributing to economic diversification.
The conference, which began on Tuesday and runs until Thursday, brings together participants from 100 countries, 59 international organizations, and around 400 speakers, including ministers, experts, executives of leading global mining companies, academics, financial institutions and business associations, to develop strategies for advancing the mining sector, enhancing sustainability and strengthening global cooperation on resilient supply chains for critical minerals. (end) ash.aa