Saudi Gazette report

RIYADH — The Ministry of Industry and Mineral Resources (MIM) and the Ministry of Investment (MISA) on Sunday announced that six companies were selected in the first batch for the final stage of the Exploration Enablement Program (EEP). Launched at the Future Minerals Forum (FMF) in January 2024, this initiative aims to attract global investments and drive growth in Saudi Arabia’s mining and mineral industry as outlined in Vision 2030.

The program attracted interest worldwide, with companies proposing innovative exploration ideas that align with the EEP’s objectives. After a thorough evaluation by key authorities and experts, six companies with 49 applications were chosen for the program from a competitive pool of 82 applications submitted by 18 companies.

The program enables the exploration sector, with a total license area of approximately 4,000 sq. km, a total cost of drilling meters of SR179 million, a total cost of geophysics and geochemistry surveys of SR 12 million, and a total workforce of 54 employees, including 25 expatriates and 29 Saudi professionals.

EEP focuses on exploring strategic minerals like copper, lithium, nickel, gold, and iron in untapped areas of Saudi Arabia. By providing advanced geological data and reducing early-stage risks for exploration companies, EEP aims to create new investment opportunities and attract global mining giants.

Following this successful phase, the second wave of EEP is scheduled for January next year. This strategy aims to advance greenfield exploration activities in the mining sector.