Saudi Arabia's mining exploration spending increased fivefold in four years, reaching SAR1.05 billion ($280.5 million) in 2024, up from SAR501 million ($133.5 million) in 2023, and up from SAR205 million ($55 million) in 2020, the Ministry of Industry and Mineral Resources (MIM) has announced.
The figures were contained in the Mineral Exploration Report issued by the ministry, which attributed the growth to increased private-sector investment, expanding geological survey programs, and sweeping regulatory reforms, said a Saudi Press Agency report.
Over the past four years, Saudi Arabia has witnessed unprecedented progress in mineral exploration, making it one of the fastest-growing jurisdictions. The record achievement bolsters Saudi Vision 2030 goals, which identify mining as the third pillar of the national economy and a key driver of industrial growth and regional sustainable development, it said.
The Kingdom's mining and mineral sector is witnessing growing investor confidence. In 2024 alone, private-sector spending on exploration licences grew by 164%, to SAR770 million ($205 million) compared to SAR155 million ($41.3 million) in 2020, while government spending through geological programs grew from SAR11 million ($2.9 million) in 2020 to SAR180 million ($48 million) in 2024, a 16-fold increase.
The number of active exploration companies increased from six in 2020 to 226 in 2024, an encouraging 38-fold increase that indicates growing investor confidence and an increasing pool of local and international top-tier companies.
“Saudi Arabia’s mining sector is entering a new phase of accelerated growth and maturity,” said Industry and Mineral Resources Vice Minister for Mining Affairs Eng Khalid Al-Mudaifer.
“Progressive legislation, focused national programmes, and transparent, sustainable international partnerships are part of the enablers of this unprecedented growth. The Kingdom is fast-becoming one of the most attractive destinations for mining investment, not only because of the scale of our resources but because of our ability to manage them with efficiency and reliability,” the vice minister added.
Exploration spending grew from SAR105 ($28) per sq km in 2020 to SAR539 ($143.7) in 2024, moving the Kingdom’s global ranking from 20th to 12th place. It represents a compound annual growth rate of 50%, arguably one of the highest globally.
Over 70% of the Kingdom’s total exploration spending was expended on grassroots projects in new and underexplored areas, marking the highest proportion among 21 countries included in the global comparison.
The report indicated that advanced-stage projects closest to potential mine development accounted for the largest share of 2024 spending, at SAR349 million ($93 million), followed by early-stage exploration at SAR263 million ($70.1 million). The balance indicates a healthy pipeline of projects moving from discovery to development, supported by strong geological data and a transparent licensing regime.
Meanwhile, committed exploration spending across the Kingdom’s eight tender rounds reached SAR1.2 billion ($320 million), with two-thirds of participants representing foreign or consortium bidders from countries such as Australia, Canada, China, India, Indonesia, and the United Kingdom. The number of auctioned sites increased from 1 site during the first auction round in 2022 to 29 sites during the latest auction this year.
Preliminary estimates of mineral potential amount to approximately 67 million ounces of gold, 3.87 million tons of copper, and 5.24 million tons of zinc, with mineral reserves making up at around 12 million ounces of gold, 60,000 tons of copper, and 33,000 tons of zinc. These figures reflect the richness of the Kingdom’s mineral sector and underscore its potential to be a key player in global supply chains, particularly in clean energy and downstream industries, the report said.
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