46 mining licenses issue by Saudi Arabia's Ministry of Industry and Mineral Resources in January 2023

RIYADH, Saudi Arabia, March 27, 2023 /PRNewswire/ -- The Ministry of Industry and Mineral Resources issued 46 new mining licenses during January 2023, including 31 exploration licenses, 14 building materials quarry licenses, and an excess mineral ores license, according to the report of the Ministry's National Center for Industrial and Mining Information.

According to the report the amount of active mining licenses in the sector by the end of January 2023 amounted to 2,230. Taking the lead are quarry licenses for building materials with 1,331 licenses, followed by 647 exploration licenses, 178 small mine exploitation license, 42 reconnaissance licenses, and 32 mineral ores licenses.

Of the total active mining licenses, the largest number have been awarded to projects within the province of Riyadh with a total of 507 licenses, followed by 418 licenses in the Makkah region, 369 licenses in the eastern region, 242 licenses in the Madinah region, and 191 licenses in the Asir region. Other regions to have been granted licenses include Tabuk (139), Qassim (102), Hail (68), Jazan (65), Najran (45), Al-Baha region (37), the Northern Borders (25), and Al-Jouf (22).

Saudi Arabia's Mining Investment Law offers six types of mining licenses, ranging from a two-year, five year and twenty-year mineral exploration license to a license to quarry building materials for up to 10 years. The law also includes exploration licenses for minerals of two categories (A) and (B), with license periods ranging from 20 to 30 years.

The Ministry of Industry and Mineral Resources aims to develop the mining sector in line with the objectives of the Kingdom's Vision 2030 and the National Industry Development and Logistics Program, with the goal of making mining the third pillar of the national industry. With mineral resources estimated to be worth around 5 trillion riyals, there is great potential for the sector to contribute significantly to the country's economy.

For more information on the Kingdom's mining licensing procedures, visit mim.gov.sa.

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SOURCE Ministry of Industry and Mineral Resources