The Ministry of Industry and Mineral Resources issued 20 new mining licenses in February 2024, including 9 quarry licenses for building materials, 6 surplus mineral service licenses, and 5 exploration licenses, according to a report by the National Industrial and Mining Information Center affiliated with the ministry.
The report stated that the total number of active mining licenses in the sector by the end of February amounted to 2,457 licenses, with building material quarry licenses leading at 1,581 licenses, followed by exploration licenses with 611 licenses, mining exploitation and small mine licenses with 195 licenses, exploration licenses with 42 licenses, and surplus mineral licenses with 28 licenses.
The Mining Investment Law and its executive regulations specify six types of mining licenses, including: the exploration license, which covers all types of minerals for two years, renewable; the discovery license for all types of minerals for 5 years for minerals in categories (A) and (B); a one-year license for category (C) minerals; and general-purpose licenses related to mining or small mines.
The system also defines exploitation licenses, which include: a mining license for minerals in categories (A) and (B), with a licensing period not exceeding 30 years, renewable or extendable; a small mine license for minerals in categories (A) and (B), with a license period not exceeding 20 years; and a building materials quarry license for category (C) minerals, with a licensing period of up to 10 years, extendable. Additionally, the system includes a "surplus mineral raw materials license for project sites or privately owned land."
The Ministry of Industry and Mineral Resources aims to protect and maximize the value of the mining sector in line with the goals of Saudi Vision 2030 and the National Industry and Logistics Services Development Program. The aim is to transform mining into the third pillar of the national industry and to exploit the Kingdom's mineral wealth, which is spread across more than 5,300 sites, with an estimated value of around 9.3 trillion riyals.
