Exploration Enablement Program Launched: Six local and international mining companies have qualified for the first wave of Saudi Arabia's Exploration Enablement Program (EEP), aimed at boosting investment and exploration in the mining sector.
Riyadh, January 21, 2025 – In a significant move to accelerate the development of Saudi Arabia's mining sector, six local and international mining companies have qualified to receive enablers under the inaugural wave of the Exploration Enablement Program (EEP). This strategic initiative is designed to catalyze high-quality investments, enhance the competitiveness of the Kingdom’s mining sector, and accelerate exploration activities that are critical to realizing Saudi Arabia’s ambitious Vision 2030 goals.
Jarrah Al-Jarrah, spokesperson for the Ministry of Industry and Mineral Resources, confirmed that both his ministry and the Ministry of Investment had officially recognized the six companies that have met the qualifications to benefit from the program. These companies will now receive the necessary support to further their exploration efforts in the Kingdom, bolstering the sector’s potential for growth and innovation.
The EEP, which was launched during the Future Minerals Forum 2024, represents a bold step by the Saudi government to enhance the attractiveness of the mining sector. The program aims to position Saudi Arabia as a global leader in mining by providing financial and technical support to companies engaged in exploration, which is considered the most crucial phase in the mining value chain.
By offering a range of enablers, the program intends to expedite the exploration process, improving the availability and accuracy of technical and geological data. This, in turn, will help mitigate risks for exploration companies during the early stages of their operations, making the sector more viable for investment. The program is specifically designed to foster long-term growth by addressing the challenges faced by companies in the early exploration stages, providing them with the tools they need to succeed in an increasingly competitive global mining market.
Through these efforts, Saudi Arabia is positioning its mining industry as a key pillar of its economic diversification strategy under Vision 2030. The initiative will also contribute to the Kingdom’s broader objectives of attracting global investment, promoting sustainable resource management, and advancing technological innovation within the sector.
The successful launch of the Exploration Enablement Program marks a pivotal moment for the mining sector, which is expected to play a crucial role in diversifying the Saudi economy and reducing dependence on oil revenues. With the program’s continued expansion, Saudi Arabia is set to become a prominent player in the global mining industry, leveraging its rich mineral resources to support long-term economic growth and stability.