Saudi Arabia Awards Major Mining Exploration Licenses

The Saudi Ministry of Industry and Mineral Resources has awarded mining exploration licenses to various local and international firms, including India's Vedanta and a consortium of Ajlan & Bros and China's Zijin Mining. The firms are set to invest over 366 million riyals ($97.59 million) in exploration over three years.

In a significant development within the mining sector, the Saudi Ministry of Industry and Mineral Resources has granted exploration licenses to a mix of local and international companies. This strategic move was reported by the state news agency, SPA, on Tuesday.

Among the recipients of these licenses are the Indian mining titan Vedanta and a consortium that includes local firm Ajlan & Bros coupled with the Chinese giant Zijin Mining. These entities are poised to undertake substantial exploration endeavors in Saudi Arabia.

Driven by an investment exceeding 366 million riyals, these initiatives are slated to unfold over the next three years, marking a notable commitment to bolstering mineral exploration in the region, with a dollar equivalence of roughly $97.59 million.

(With inputs from agencies.)