The new mining system is set to be launched by the first half of 2019, Al-Eqtisadiah reported, citing Khalid Al-Falih, the Saudi energy minister.
The system has been introduced to investors with some amendments and will be referred to the Shura Council for approval, he said on the sidelines of the inauguration of Waad Al-Shamaal mining project.
The new system will stimulate investment not only in terms of extraction but also exploration, targeting both large and small exploration firms, he said.
The tender will be launched within the coming weeks for a complete exploration program, he said, adding that a list of digital information will be available, to allow any investor around the world to see areas available for mining exploration.
"We will see more demand for the Kingdom’s mining sector in 2020, and the beginning of 2019 will be a new phase in building information lists in-line with the exploration program and the introduction of the new mining system for investors," Al-Falih was quoted as saying.
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