6 companies qualified in 1st batch of mining exploration program

Logos of Ministries of Investment and Industry & Mineral Resources

The Ministry of Industry and Mineral Resources and the Ministry of Investment announced today, Oct. 29, that six mining companies have been qualified in the first batch of the Saudi Exploration Enablement Program (EEP).

In a joint statement cited by the Saudi Press Agency, the two ministries confirmed the great turnout from local and international companies to join the state-run program.

A total of 82 applications, submitted by 18 industry players, were evaluated, of which 49 applications submitted by six companies have already obtained initial approval to implement their exploration projects, being compatible with the program's objectives and enrollment criteria.

The program contributes to enabling qualified mining companies to join the program, while also enhancing their exploration capabilities within the scope of their mining exploration licenses. It covers an estimated total area of 4,000 square kilometers, with a total cost of drilling of SAR 179 million, empowering 54 qualified employees, including 25 professionals and 29 Saudi talents.

The two ministries are set to announce the second batch of the program’s qualifiers in January 2025, aiming to support the creation of new and attractive investment opportunities for leading global enterprises.

According to Argaam's data, the two ministries had earlier invited global mining and exploration companies to register in the EEP, as part of the Kingdom's efforts to reinforce and develop the local mining sector and transform it into the third pillar of national industries, in line with the goals of Saudi Vision 2030.