en.Wedoany.com Reported - Saudi Arabia is transforming mining into an economic pillar and, through its "Vision 2030," attracting ASX-listed junior mining companies into its mining sector. The country possesses an estimated US$2.5 trillion in mineral wealth, which has nearly doubled over the past decade. S&P Global Market Intelligence reports that comprehensive surveys have uncovered new discoveries beyond traditional mineral belts, including rare earth elements and battery metals.

In January 2024, Saudi mining company Ma'aden announced a gold discovery in the Mecca region along a 100-kilometer stretch south of its Mansourah Massarah gold mine, with total reserves across four sites reaching 7.8 million ounces. Ma'aden CEO Robert Wilt stated these discoveries have the potential to become the center of the next global gold rush along a 125-kilometer mineral belt. Ma'aden's Base Metals and New Minerals division, anchored by gold, plays a key role in diversifying the company's portfolio. Ma'aden operates 17 mines and sites and holds a dominant position in the country's mining industry. In 2025, the number of mining licenses surged by 220%, with investment reaching US$11.7 billion.

Sierra Nevada Gold secured five exploration licenses for the Assafra Copper-Gold Project in Saudi Arabia's ninth competitive licensing round, which were approved by Royal Decree in May 2026. Drilling has commenced, with three rigs operating on high-grade copper-gold targets. SNX Chief Geologist and Executive Director Brett Battlin stated: "Sierra Nevada Gold was attracted to the Assafra Copper-Gold Project due to its exceptional geological scale and the opportunity to operate in one of the world's most supportive and forward-thinking mining jurisdictions." Battlin said Assafra displays indicators of a large, richly endowed mineralized system, including a regional-scale footprint and well-developed metal zonation from a central copper-gold core to a broader polymetallic halo. The SNX team has a track record of successfully delivering projects in Saudi Arabia, including involvement in the development of the Jabal Sayid copper mine. Battlin stated that Saudi Arabia's commitment to mining under Vision 2030, led by the Ministry of Industry and Mineral Resources, enhances opportunities through transparent licensing, competitive bidding, and strong government support. The Exploration Enablement Program reduces early-stage risk by reimbursing a portion of exploration expenditures and supporting local employment. The Ministry's digital licensing process has shortened approval times. Battlin said: "Saudi Arabia's demand for new projects is both immense and strategic."

Assafra is interpreted as an intrusion-related copper-gold skarn system with a central copper-gold core. Drilling is designed to test gold-rich structures within the broader copper system, including potential sulfide accumulations at depth. Drilling is underway in the Central Gold Zone, where high-grade gold results have reached up to 32.9 g/t Au and 18.25 g/t Au. Battlin said: "While the Central Gold Zone represents a compelling high-grade gold opportunity, it sits within a much larger, regional-scale copper system."

Saudi Arabia's mine exploration budget increased to US$146 million in 2025, up from US$21 million in 2022, with 72% allocated to gold and 23% to copper. The Kingdom hosts 24 exploration projects and 17 advanced projects, with copper and gold reserves estimated to sustain production for 15 and 40 years, respectively. The number of drilling projects increased from 58 in 2023 to 160 in 2024. Saudi Arabia has launched geophysical and geochemical surveys covering 600,000 square kilometers, collecting over 110,000 samples in the Arabian Shield, with data accessible on the Taadeen platform. The Kingdom is in the final implementation stages of launching a metals exchange. The modern Mining Investment Law, effective January 1, 2021, has increased licensing transparency through an electronic platform. The law aims to increase the mining sector's contribution to GDP by over 240 billion Saudi Riyals, reduce imports by 37 billion Saudi Riyals, and create 200,000 jobs. In 2025, the tax rate was reduced from 45% to 20%, with incentive subsidies available for up to 75% of advanced exploration capital expenditure and 25% of drilling and laboratory costs.

Vice Minister for Mining Affairs Khalid Al-Mudaifer stated in Sydney at the end of 2025: "Our story is not about extraction—it is about transformation." He said Saudi Arabia is ready to serve as a reliable partner, a transparent market, and a bridge between nations and industries. Ma'aden, backed by Saudi Arabia's US$1.5 trillion Public Investment Fund, reported first-quarter revenue of US$2.3 billion (up 3% year-on-year) and EBITDA of US$964 million (up 4%), although gold production fell 15% to 105,000 ounces. Ma'aden's Wilt said: "Ma'aden has made a solid start to the year with stable performance." According to Bloomberg, Saudi Arabia has recently shifted its global investment approach, with Manara Minerals Investment Company now favoring joint ventures. When asked for advice on going to Saudi Arabia, SNX Chairman and two-time Brownlow Medalist Peter Moore said: "Put your head down and get on with it!"

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