The hunt for critical minerals is on. With China and the United States looking to secure these valuable resources, which are used in a variety of sectors including defence, electronics, and renewable energy, there is an ambition to develop resilient and deep critical mineral supply chains. 

This serves as an opportunity for Saudi Arabia to leverage its ample reserves of silver, phosphates, copper, zinc and lithium, among others. 

At the recently concluded Future Investment Initiative, vice minister for mining affairs at the Ministry of Industry and Mineral Resources Eng. Khalid bin Saleh Al-Mudaifer said that foundation for a world-class mining sector has already been laid. “We are working to make mining and minerals the third pillar of our industrial strength, and we have everything we need to achieve this – from natural resources and talent to the legislative framework and investment stability,” he said. 

ARABIAN SHIELD

In this respect, the kingdom’s Arabian Shield, which spans 700,000 square kilometres (sq km), remains underexplored, while the estimated value of mineral resources in the country has risen from SAR 5 trillion to about SAR 9.4 trillion, thanks to expanded geological survey and exploration programmes. This natural wealth is a launchpad for a world-class mining industry. 

Saudi Arabia is building a modern mining ecosystem based on transparency, stability, and investor appeal. Foreign investment currently accounts for around 66% of total mining investments, and exploration spending in 2024 doubled from the previous year, reaching SAR 1.05 billion compared with SAR 501 million in 2023, placing the country among the fastest-growing mining regions globally. 

The Ministry of Industry and Mineral Resources issued 85 new mining licenses in September 2025 as part of the effort to develop the mining sector. 

According to its National Center for Industrial and Mining Information report for September 2025, the total number of valid mining licenses in the kingdom reached 2,551 by the end of the month. Building materials quarry licenses topped the list with 1,526 licenses, followed by exploration licenses with 708. 

Saudi is also eyeing international partnerships and adopts one of the most competitive regulatory frameworks in the world, including 100% foreign ownership for investors.

As part of that effort, the government also agreed with the US to deepen the two countries’ strategic partnership in the mining sector and capitalise on mutual opportunities in mineral processing, mining technologies, and rare-earth elements. They also emphasised the importance of strengthening international cooperation to support sustainable growth in the mining and minerals industries.

NEW EXPLORATION PROJECTS

In November, the Ministry of Industry and Mineral Resources and the Ministry of Investment announced the qualification of 12 mining companies in the second wave of its Exploration Enablement Program (EEP). 

The ministries confirmed strong interest from both local and international companies, with 44 applications submitted by 14 companies, resulting in the preliminary approval of 38 licenses proposed by 12 companies. These projects align with the programme's objectives and participation criteria and are moving forward for the final stage.

The EEP is one of the kingdom’s flagship programmes providing financial enablement and was launched in 2024. It aims to reduce early-stage exploration investment risks by providing reimbursements of up to SAR 7.5 million per license, while accelerating exploration efforts, enhancing the availability of reliable geological data, and encouraging investment in future-critical and strategic minerals such as copper, lithium, nickel, gold, and iron.

The qualified projects cover a total license area of approximately 3,000 sq km, with exploration commitments of nearly SAR 664 million. The scope of work includes more than 752,000 metres of drilling and geophysical surveys worth approximately SAR 20 million, and the collection and analysis of over 102,000 geochemical samples. The programme also encourages eligible companies to contribute to the growth of local content, which has resulted in an estimated SAR 6.1 million spent locally – representing an average of 43% of total expenditures by eligible companies. 

Plans are underway to launch the third wave of EEP, which will be announced in January 2026. The next phase will expand exploration into new areas of the Arabian Shield, with continued focus on strategic minerals.