Saudi Arabia plans major mining bidding rounds to unlock $2.5 trillion in minerals

Saudi Arabia is preparing to expand its mining sector with large-scale exploration opportunities through competitive bidding rounds in 2026 and 2027. The Kingdom aims to develop its untapped mineral wealth, valued at around $2.5 trillion, and position itself as a key global supplier of critical minerals for energy transition and emerging technologies.

The announcement was made by Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during the International Mining Conference in Riyadh, an event that drew participants from across the globe.

Expanding exploration efforts

Saudi Arabia has made significant progress in awarding exploration licenses, covering more than 33,000 square kilometres to date. The ninth bidding round alone allocated 172 mining sites to 24 local and international companies and consortia.

The Arabian Shield has been fully surveyed both geophysically and geochemically, ensuring comprehensive data for future development. Investment in exploration has risen sharply, increasing from SAR 1 million in 2020 to SAR 1.052 billion (approximately $280 million) in 2024, marking a more than fivefold increase.

Mining’s role in economic growth

Minister Al-Khorayef emphasized that mining in Saudi Arabia is moving beyond extraction to create broader economic value. Initiatives aim to generate jobs, support economic diversification, and develop the sector into a contributor to sustainable growth.

Key achievements from the fifth International Ministerial Meeting on Mining Affairs include:

• Adoption of the Future Minerals Framework
• Progress in establishing centres of excellence
• Development of responsible mining standards
• Alignment with the World Bank’s new mining sector strategy

These steps are intended to ensure mining activities are sustainable and integrated with global supply chains.

International collaboration and conference highlights

The International Mining Conference has become a major platform for global collaboration, investment, and policy development. This year’s event featured participants from 100 countries, 59 international organizations, and approximately 400 speakers, including ministers, industry executives, academics, and financial institutions.

Discussions focused on advancing mining practices, promoting sustainability, and strengthening supply chains for critical minerals. Minister Al-Khorayef highlighted the importance of these minerals in emerging technologies like artificial intelligence and the global energy transition.

Alignment with Saudi vision 2030

All developments in the mining sector support the goals of Saudi Vision 2030, the Kingdom’s plan for economic diversification and resilience. By leveraging its mineral resources, Saudi Arabia seeks to enhance global supply chain participation, attract investment, and ensure sustainable sector growth.

Minister Al-Khorayef noted that these efforts are transforming the Kingdom’s mining industry into a strategic sector for value creation, international cooperation, and long-term economic development.