The Ministry of Industry and Mineral Resources has invited interested parties in the mining sector to register for the "Nuthri" Mining Exploration Incubator. This initiative aims to empower emerging explorers, local small and medium-sized enterprises, and investors interested in the mining sector, and create a sustainable local exploration environment.
The initiative is in collaboration with the Geological Survey Authority and the General Authority for Small and Medium Enterprises ("Monsha'at").
The official spokesperson for the Ministry, Mr. Jarrar bin Mohammed Al-Jarrar, explained that the initiative comes as a continuation of the Ministry's efforts to increase spending on exploration activities, support the national geological database with technical information, and assist more national startup companies in developing exploration sites in the Kingdom, positioning them as entry points for promising industries.
He emphasized the Ministry's role in empowering entrepreneurial leadership in mining exploration by financing and supporting it with appropriate infrastructure to enhance its effectiveness and contribute to the economic growth of the sector.
This aligns with the objectives of Saudi Arabia's Vision 2030 and the National Industrial Development and Logistics Program, aiming to make the mining sector the third pillar of the national industry and support the sustainability of the mining sector within national industries.
Mr. Al-Jarrar indicated that the initiative targets local groups including students, researchers (academics), small and medium-sized enterprises applying for exploration licenses, and emerging companies in the exploration field.
The incubator provides a range of services to applicants, including support in geological data analysis, assistance in obtaining exploration licenses, intensive courses and training workshops in geology and earth sciences, organizing events and panel discussions with experts in mining exploration, laboratory services, sample analyses, geophysical surveys for detecting minerals, and diamond drilling sample preservation.
Additionally, mentoring and guidance will be provided throughout the program, and office spaces will be available for business activities.
Mr. Al-Jarrar revealed that the initial acceptance criteria for the "Nuthri" Mining Exploration Incubator include the requirement for companies to be small or medium-sized as per the General Authority for Small and Medium Enterprises ("Monsha'at") standards.
He added that companies will be evaluated based on essential criteria, including team experience, past completed projects, financial capacity, and readiness to join the incubator's programs.
The Ministry invites those interested in learning more about the incubator or wishing to register to visit the official website at https://nuthree.online/. The application deadline is July 4th.
