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RIYADH: Saudi Arabia has chosen six local and international mining companies for its Exploration Enablement Program designed to boost investments and enhance the competitiveness of the sector.
Royal Road, Ajlan and Bros Holding, and EV Metals Group were selected for this first phase of qualification, as well as Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., also known as AMAK.
These companies will receive key support as part of the government’s effort to attract high-quality investments and accelerate exploration activities within the Kingdom’s mining industry.
The EEP was launched at the Future Minerals Forum in January 2024 by Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment.
A total of 49 applications were submitted from local and international mining companies, underscoring the growing interest in Saudi Arabia’s mining sector.
The government has earmarked SR685 million ($182.57 million) for the EEP between 2024 and 2030, which will fund initiatives to further strengthen the sector’s global competitiveness and create long-term strategic value.
The program aims to address gaps in geoscientific knowledge, foster local skills, and drive exploration for Class A minerals, including metallic minerals, precious and semi-precious stones, and ores requiring advanced operations.