Saudi Arabia Qualifies Twelve Firms for Second Phase of $179.3 Million Mining Exploration Program

Kingdom Advances Mining Ambitions

Saudi Arabia has announced the qualification of twelve local and international companies for the second phase of its Exploration Enablement Program (EEP). This significant step, revealed around November 3, 2025, underscores the Kingdom's commitment to diversifying its economy under Vision 2030, positioning mining as the 'third pillar' of its industrial growth alongside oil and petrochemicals.

The program's second phase involves an investment of approximately $179.3 million (SR 664 million), dedicated to exploring 38 license areas spanning roughly 3,000 square kilometers.

Program Scope and Economic Impact

The qualified firms will undertake extensive exploration activities, including commitments for over 752,000 meters of drilling, geophysical surveys valued at approximately SR 20 million, and the collection and analysis of more than 102,000 geochemical samples. This ambitious scope aims to unlock Saudi Arabia's vast mineral wealth, estimated at over SR 9 trillion, which includes critical minerals such as:

• Copper
• Gold
• Nickel
• Lithium
• Iron
• Zinc
• Lead
• Silver

The EEP also emphasizes local content development, with approximately 43% of total spending expected to be directed towards local suppliers, contractors, and workforce development. This is projected to create around 63 direct jobs, comprising 27 Saudi nationals and 36 expatriates, fostering knowledge transfer and supporting national talent.

Strategic Objectives and Future Outlook

Launched during the Future Minerals Forum in January 2024, the EEP provides financial incentives to de-risk early-stage exploration, offering reimbursements of up to SR 7.5 million per license. This initiative is a cornerstone of Saudi Arabia's broader strategy to attract global exploration partners and achieve a $100 billion mining investment roadmap by 2035.

The strong interest in the program is evident, with the second phase drawing 44 applications from 14 firms. Preparations are already underway for the third round of the EEP, which is anticipated to be announced in January 2026 at the fifth edition of the Future Minerals Forum in Riyadh. This next phase will further expand exploration across the Arabian Shield, with a continued focus on strategic and energy-transition minerals.