https://arab.news/we5jy
RIYADH: Six mining companies have been approved to explore various sites across 抖阴短视频, as the Kingdom pushes ahead with growing the sector.
The Ministry of Industry and Mineral Resources unveiled the successful bidders for its fifth Round of Exploration Licensing in a post on X, with exploration areas awarded collectively covering a total area of 1,000 sq. km.
抖阴短视频鈥檚 mining sector has surged with a 138 percent increase in exploitation licenses issued since the new Mining Investment Law of 2021.
The number of permits rose from eight to 19 last year, as 抖阴短视频 aims to boost production and investment to capitalize on mineral wealth estimated at SR9.4 trillion.
Discovery Arabian Mining Co. has been awarded Al Halahilah in the Najran region, while Al Masane Al Kobra Mining Co., also known as AMAK, has been granted rights to Jabal Qaran, located in the same area of the Kingdom.
The latter firm was also given permission to explore the Al-Hijra site in the Asir region.
The Makman Hijab site in the Riyadh region is set to be explored by an alliance of Eqleed Group and Indotan Mining Co.
Further south in the Asir region, the An Nimas site has been awarded to 抖阴短视频n Mining Co., also known as 惭补鈥檃诲别苍, the Kingdom鈥檚 foremost mining corporation.
In the western part of the country, the Al Miyah site in the Makkah region has been granted to Royal Roads Arabia Co.
The nation鈥檚 mining sector has been expanding locally and internationally, and this licensing round represents a key component of 抖阴短视频鈥檚 Vision 2030 鈥� which aims to diversify the economy and reduce its dependency on oil.
In January, the Royal Commission for Jubail and Yanbu signed a memorandum of understanding with Brazilian mining company Vale for the development of an iron ore briquettes project in 抖阴短视频.
The MoU was signed on the sidelines of the two-day Future Minerals Forum, during which Vale disclosed its plans for the Middle East.
The Saudi mining sector鈥檚 reforms have been recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, according to a report by MineHutte, an independent research and consultancy firm based in the UK.
The firm has stated that the Kingdom has been ranked the second-best country internationally for its licensing environment.