Exploration Enablement Program begins to show positive impact: Al-Mudaifer

Khalid Al-Mudaifer, Vice-Minister of Industry and Mineral Resources for Mining Affairs

The Exploration Enablement Program (EEP), launched by Saudi Arabia last year with a budget of SAR 685 million, started to deliver positive results, benefiting 17 companies to date, according to Khalid Al-Mudaifer, Vice-Minister of Industry and Mineral Resources for Mining Affairs.

In an interview with Argaam during the Future Minerals Forum (FMF), Al-Mudaifer explained that exploration requires substantial upfront investments with long-term returns. Initiatives like the program encourage companies to invest in Saudi Arabia's mining sector.

He went on to say that the Kingdom is solidifying its status as a global hub for mineral production and manufacturing. In 2024, 133 new foreign companies registered in the mining sector, a significant increase from 23 in 2023. Additionally, 290 local and international firms were established to provide support services, such as drilling, geological consulting, and laboratory analysis.

Saudi Arabia aims to become a global hub for mineral production, serving regions including the Middle East, Africa, as well as West and Central Asia, Al-Mudaifer added.

The Vice-Minister also addressed key challenges facing the mining sector, particularly the global shortage of skilled human resources. He noted that 70% of global mining executives identify this as a major obstacle. In Australia, the number of students specializing in mining and geology has dropped by 60% since 2000, while the US has seen a 30% decline.

To counter this, Saudi Arabia introduced initiatives such as the establishment of a mining engineering department at King Fahd University of Petroleum and Minerals. The Kingdom also launched the Saudi Innovation Studio in partnership with King Abdulaziz City for Science and Technology and leading global firms to develop advanced exploration and production technologies.

The FMF, one of the world’s largest mining events, attracted over 26,000 participants, including 15,000 international attendees. Senior leaders from the sector, including executives from 16 of the world’s top 20 mining companies, participated. The forum also hosted a ministerial meeting with representatives from 89 countries, including 17 G20 nations and 48 ministers of mining and energy, Al-Mudaifer added.