Minister of Industry Inaugurates Accelerated Exploration Initiative

Minister of Industry and Mineral Resources Bandar Al-Khorayef inaugurated the “Accelerated Exploration” initiative, announcing the launch of a license to explore minerals, at the Al-Khaniqiyah site, in Al-Quway’iyah Governorate, in the Riyadh region.

The step falls in line with the objectives of Vision 2030 and the National Industrial Development and Logistics Program “NIDLP” by exploiting opportunities of the great potential of the mining sector, to be the third pillar of the national industry, the minister explained.

Launching of such a competition is a qualitative shift towards the journey of exploiting the vast mineral resources, in the Kingdom, through the mining investment system and the accelerated exploration initiative, he added.

It is also aiming at the development of zinc and copper industries, in the Kingdom, as well as granting the current licenses, set by the new mining investment system and “NIDLP” to attract qualitative investments, in the mining sector and to increase spending on exploration operations, he stressed, noting that the sites that will be offered for competition will be among the most attractive opportunities for mining investment, in the Kingdom.

He pointed out that offering exploration licenses, via competition, will enable the Kingdom to identify the most appropriate exploration partners to achieve long-term growth and investment, in the mining sector, and this step will also enable interested investors to provide detailed data, on the selected projects at the same time.

He indicated that this initiative confirms the ministry’s keenness to enhance transparency in the sector, and to provide opportunities with full transparency alike, for investors in the mining sector.