Saudi Arabia has granted major mining exploration leases to India’s Vedanta, China’s Zijin Mining Group, and a subsidiary of Australia’s Hancock Prospecting, reinforcing its commitment to expanding and diversifying the mining sector.
Strategic Mining Expansion
The Ministry of Industry and Mineral Resources announced that the leases cover a total area of 4,788 km², including Jabal Sayid, a key mineral-rich region.
This move aligns with Vision 2030, Saudi Arabia’s ambitious initiative to reduce oil dependency, develop a competitive domestic mining industry, and attract foreign investment.
Zijin’s Key Investment
Zijin Mining, in partnership with a Saudi firm, secured exploration rights for Jabal Sayid and plans to invest 60 million riyals ($16 million) in the project.
With Saudi Arabia actively exploring copper, gold, and silver deposits, these leases mark a significant step toward strengthening its mining sector and driving economic diversification.