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Saudi Arabia grants exploration licences to local and international mining companies

Saudi Arabia has issued 27 new exploration licenses to both local and international mining companies as part of its strategy to diversify its economy away from oil dependency. This initiative is part of the Vision 2030 plan, which aims to develop the mining sector by enhancing the exploration and extraction of minerals like gold, copper, zinc, and rare earth elements. The licenses were granted to 15 companies, including notable names like Barrick Gold and Ma'aden, covering a total area of 40,000 square kilometers. This move not only aims to attract foreign investment but also to increase the sector's contribution to the GDP, with the government setting ambitious targets for the mining industry to contribute significantly to the national economy by 2030.

Read the Full GlobalData Article at:
[ https://www.msn.com/en-us/money/markets/saudi-arabia-grants-exploration-licences-to-local-and-international-mining-companies/ar-AA1BfHtD ]