The Ministry of Industry and Mineral Resources announced an increase in the growth rate of mining licenses since the launch of the new Mining Investment Law in January 2021. The law was introduced to stimulate investment in the mining sector, develop it, and increase the Kingdom's mineral production.
The ministry explained that exploitation licenses rose from 8 licenses before the activation of the new Mining Investment Law to 19 licenses in 2023, a growth rate of 138%. This increase is driven by the Kingdom's efforts to transform the mining sector into the third pillar of the national industry, making the Kingdom a trusted global mining destination and optimizing the exploitation of mineral resources valued at 9.4 trillion riyals.
The Ministry of Industry and Mineral Resources also pointed out that the Mining Investment Law has significantly facilitated the process of obtaining mining licenses, enhancing the sector's attractiveness to both local and international investors. As a result, the total number of building materials quarry licenses in 2023 reached 538 licenses, compared to 158 licenses before the law was implemented, reflecting a growth rate of 241%. Additionally, the total number of exploration licenses rose in 2023 to 259 licenses, compared to 58 licenses before the law, with a growth rate of 347%.
The ministry also highlighted that mining strategy initiatives, including the Accelerated Exploration Program, have contributed to the increase in issued licenses in the sector, as well as reducing the approval time for mining licenses, which previously took several months.
