Saudi Arabia’s mineral exploration spending has increased fivefold in four years, reaching SR1.05bn ($280.5m) in 2024, according to the Ministry of Industry and Mineral Resources (MIM).
The ministry’s Mineral Exploration Report 2024 attributes the record growth to private-sector investment, expanding geological survey programmes, and wide-ranging regulatory reforms that have positioned mining as a core pillar of the national economy under Vision 2030.
Private-sector spending on exploration licences grew 164 per cent, from SAR 155m ($41.3m) in 2020 to SAR 770m ($205m) in 2024.
Saudi mining
Government funding through geological programmes also expanded dramatically, from SAR 11m ($2.9m) in 2020 to SAR 180m ($48m) in 2024 — a 16-fold increase.
The number of active exploration companies rose from 6 in 2020 to 226 in 2024, signalling strong investor confidence and growing participation from both local and international operators.
“Saudi Arabia’s mining sector is entering a new phase of accelerated growth and maturity,” said Eng. Khalid Al-Mudaifer, Vice Minister for Mining Affairs at MIM.
“Progressive legislation, focused national programmes, and sustainable international partnerships are key enablers of this unprecedented growth.”
Exploration intensity and global ranking climb
Exploration expenditure increased from SR105 ($28) per sq km in 2020 to SR539 ($143.7) per sq km in 2024, lifting the Kingdom’s global ranking from 20th to 12th and reflecting a compound annual growth rate of 50 per cent — among the highest worldwide.
More than 70 per cent of total spending targeted grassroots projects in new or under-explored areas, the highest proportion among 21 countries surveyed.
Advanced-stage projects accounted for SR349m ($93m), followed by early-stage exploration at SR263m ($70.1m), indicating a healthy pipeline from discovery to development.
Tender rounds
Committed exploration spending across eight tender rounds reached SR1.2bn ($320m), with two-thirds of participants representing foreign or consortium bidders from Australia, Canada, China, India, Indonesia, and the UK.
The number of auctioned sites expanded from one in 2022 to 29 by 2024, and foreign investors accounted for 66 per cent of total mining investment, underscoring growing global confidence in the Kingdom’s regulatory environment.
Resource potential
The Kingdom hosts 933 exploration locations at various stages of development, including 691 for gold and 242 for base metals such as zinc and copper.
Preliminary estimates point to 67m ounces of gold, 3.87m tons of copper, and 5.24m tons of zinc, with mineral reserves comprising around 12m ounces of gold, 60,000 tons of copper, and 33,000 tons of zinc.
The data reflect the richness of Saudi Arabia’s mineral endowment and its potential to play a central role in clean-energy and downstream supply chains.
Public and private sectors
The growth trajectory highlights close cooperation between government bodies and the private sector, led by the Saudi Geological Survey (SGS).
Through initiatives such as the Regional Geological Survey Programme (RGP) and Accelerated Exploration Programme (AEP), the SGS is developing a comprehensive national geological database to fast-track data collection and mineral discovery.
According to the 2024 Fraser Institute Report, Saudi Arabia advanced from 104th to 23rd place globally over the past decade in investment attractiveness, outperforming many leading mining jurisdictions in Asia and Latin America.
Mineral policy
The Kingdom ranked first worldwide for pace of improvement (2018–2023), second in the mineral licensing policy perception index, and entered the global top 10 for mining fiscal policy.
The ministry said the results confirm Saudi Arabia’s emergence as a rising global mining power, supported by transparent regulation, sustainable partnerships, and the strategic vision to make mining the third pillar of the national economy alongside energy and industry.
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