Recently, Saudi Arabia launched a tender for mineral exploration licenses, covering three mineral-rich exploration zones in the Riyadh and Medina regions, with a total area of 24,946 square kilometers.
This tender is part of the mineral development plan by the Saudi Ministry of Industry and Mineral Resources.
In January this year, the Saudi Ministry of Industry and Mineral Resources announced at the Future Minerals Forum held in Riyadh that Saudi Arabia is expected to gradually open over 50,000 square kilometers of exploration licenses to local and international exploration companies by 2025.
By accelerating the exploration and development of mineral resources, Saudi Arabia aims to unlock mineral potential valued at 9.3 trillion riyals (approximately $2.48 trillion), strengthen the mineral supply chain, and support the country's economic diversification goals.
The mining areas involved in this tender include Nuqrah and Sukhaybrah Al-Safra in Medina, as well as Nabitah in the Riyadh region. These areas are rich in gold, copper, silver, zinc, nickel, and other minerals, offering significant investment potential.
The deadline for submitting prequalification applications for exploration licenses is early May. To ensure transparency in the bidding process, all geological and technical data related to the mining areas have been made publicly available on the Ta'adeen platform (taadeen.sa), where investors can access previous license information and survey data provided by the Saudi Geological Survey.
The interactive mining map published on the Ta'adeen platform
The bidding process will be conducted in three stages: the prequalification stage, which assesses applicants' technical capabilities; the mining area selection and bidding stage; and the final awarding and license issuance stage. The prequalification stage was launched during the Future Minerals Forum in January and will continue until early May.
To further promote mineral exploration, in January this year, the Saudi Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, introduced a new program. According to reports, this program provides financial support of up to 7.5 million riyals per project for exploration companies holding valid exploration licenses issued within the past five years, aiming to reduce early-stage investment risks for exploration enterprises.
This initiative also complements the incentives under Saudi Arabia's Mining Investment Law. The Mining Investment Law, which came into effect in January 2021, allows exploration companies to hold 100% foreign ownership and offers financing support of up to 75% of capital costs through the Saudi Industrial Development Fund (SIDF).
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