Saudi Arabia Boosts Mining with New Exploration Licenses

Saudi Arabia's Ministry of Industry and Mineral Resources has granted mining exploration licenses to several firms, including Vedanta and a consortium of Ajlan & Bros and China's Zijin Mining. The companies will invest over 366 million riyals ($97.59 million) in exploration within the next three years.

In a move aimed at bolstering its mining sector, Saudi Arabia's Ministry of Industry and Mineral Resources has issued several exploration licenses to domestic and international companies. The announcement was confirmed by the state news agency SPA on Tuesday.

Among the recipients of these licenses are Indian mining giant Vedanta and a consortium consisting of local firm Ajlan & Bros alongside China's Zijin Mining. This initiative is part of Saudi Arabia's strategic objective to increase its mining investments and expand mineral exploration.

The ministry revealed that these mining entities will collectively allocate more than 366 million riyals, equivalent to $97.59 million, for exploration activities over the upcoming three years. This investment underscores the kingdom's commitment to developing its mining industry.

(With inputs from agencies.)