Riyadh, April 06, 2024, The Ministry of Industry and Mineral Resources (MIMR) and the Ministry of Investment (MISA) have jointly announced the Exploration Enablement Program (EEP), aligning with the Kingdom's vision for the mining sector to become a significant pillar of Saudi Arabia's industrial economy by Vision 2030. This initiative invites mining explorers globally to participate in efforts aimed at strengthening the Saudi mining sector.
The EEP, as outlined in the ministries' statement, was recently launched with several key objectives in mind. These include stimulating exploration activities focused on strategic and critical minerals, enhancing understanding of the Kingdom's exploration potential by targeting underexplored areas and minerals, fostering skills development and opportunities for the local workforce in mineral exploration and mining, and leveraging innovative data collection techniques adhering to international best practices to enhance geological knowledge.
The program aims to accelerate exploration efforts and advance key goals within Saudi Arabia's mineral and mining industry. Eligible participants for the EEP are investors interested in minerals classified under Class 'A' of the Mining Investment Law, such as Copper (Cu), Lithium (Li), Nickel (Ni), Gold (Au), and Iron ore (Fe). Exploration activities should be targeted at underexplored areas or critical minerals to ensure a comprehensive exploration approach.
Applicants must hold a valid exploration license with under five years of tenure, possess requisite expertise, and demonstrate a proven track record in greenfield exploration. Work program applications are due by May 31, with successful applicants set to be announced by July 31.
Furthermore, the program encourages investors to engage local service providers for essential services and contracts, thereby contributing to the growth of local businesses and strengthening the domestic supply chain. Interested investors can access the application form and program guidelines on the official Ta'adeen website.
The EEP offers a platform for investors worldwide to contribute to the growth and success of Saudi Arabia's mineral sector. By participating, investors stand to gain valuable geological insights, support local talent development, and play a crucial role in fostering sustainable industry growth.
