Industry Minister launches ‘accelerated exploration’ initiative, offers first exploration license

Bandar Alkhorayef, Minister of Industry and Mineral Resources in Saudi Arabia

Bandar Alkhorayef, Minister of Industry and Mineral Resources in Saudi Arabia, launched today, Jan. 2, the “accelerated exploration” initiative during his visit to Khnaiguiyah, Riyadh.

Alkhorayef announced that licenses for minerals exploration in Khnaiguiyah will be offered in a tender.  

The new site will provide direct and indirect jobs for nationals in the surrounding areas, Alkhorayef said, affirming that this move will complement the current licensing process defined by the Mining Investment Law.

Offering minerals exploration licenses will allow the Kingdom to find partners for growth and investment in the long term in the mining sector. It will also provide investors with the detailed information about select projects, the Saudi minister added.
 

The accelerated exploration, an initiative of National Industrial Development and Logistics Program (NIDLP), aims to strengthen investment in the mining sector and speed up the exploration process. It also aims to attract local and foreign investors, explore sites and build local cadres.