Deputy Minister of Industry and Mineral Resources, Khalid Al-Mudaifer
The Kingdom currently spends more than SAR 500 million on mineral exploration, compared to less than SAR 25 million in 2018, with plans to grow such spending by 50% year-on-year in 2024, said Deputy Minister of Industry and Mineral Resources, Khalid Al-Mudaifer. 
“Spending on exploration activities has grown by 40% YoY from SAR 80 per square kilometer to SAR 300 per square kilometer; however, it is still below the global average. Thus, we aspire to increase it by 50%, and to continue growth to be in line with global rates,” he added, during the press conference on the fourth edition of the International Mining Conference.
The official also indicated that a total of 70 foreign and local exploration partnerships were established this year, while programs and incentives worth about SAR 780 million were created for investors in the exploration domain.
He added that the number of auctions related to competition for licenses offered this year reached 10 times last year, and is planned to double five times in the coming year, which will help attract international companies.
Al-Mudaifer also mentioned that there are investments under implementation worth SAR 120 billion in minerals that are used in battery production and are set to increase to SAR 300 billion by 2035.
Deputy Minister of Industry and Mineral Resources, Khalid Al-Mudaifer
The Kingdom currently spends more than SAR 500 million on mineral exploration, compared to less than SAR 25 million in 2018, with plans to grow such spending by 50% year-on-year in 2024, said Deputy Minister of Industry and Mineral Resources, Khalid Al-Mudaifer.
“Spending on exploration activities has grown by 40% YoY from SAR 80 per square kilometer to SAR 300 per square kilometer; however, it is still below the global average. Thus, we aspire to increase it by 50%, and to continue growth to be in line with global rates,” he added, during the press conference on the fourth edition of the International Mining Conference.
The official also indicated that a total of 70 foreign and local exploration partnerships were established this year, while programs and incentives worth about SAR 780 million were created for investors in the exploration domain.
He added that the number of auctions related to competition for licenses offered this year reached 10 times last year, and is planned to double five times in the coming year, which will help attract international companies.
Al-Mudaifer also mentioned that there are investments under implementation worth SAR 120 billion in minerals that are used in battery production and are set to increase to SAR 300 billion by 2035.
