Saudi Arabia logs SAR 1.3B in mining exploration spending in 5 yrs

Logo of Ministry of Industry and Mineral Resources

Saudi Arabia invested SAR 1.3 billion in mineral exploration over the past five years, a significant sum in the sector, according to Abdulrahman Al-Balooshi, Deputy Minister for Mineral Resources at the Ministry of Industry and Mineral Resources.

Drilling activity in the Kingdom exceeded 500,000 meters in 2023 alone, Al-Balooshi told CNBC Arabia.

The number of exploration companies surged from six to 133 between 2018 and 2023, driven by improved geological data access and ministry incentives such as financial support and land allocations.

The ministry’s focus is to expand geological data availability and attract more exploration firms to meet industrial needs. Saudi Arabia’s geological survey program has completed 80% of its fieldwork, with 60% of the data now accessible via the National Geological Database. Access to data, land, and financing is key for explorers and investors.

The ministry plans to offer 50,000 square kilometers of mineralized belt areas for exploration this year, including gold and copper reserves, Al-Balooshi previously told Argaam.