Saudi mining licenses soar as kingdom hunts critical metals: What to know

Mining licenses in Saudi Arabia surged by 144% in the first half of 2025 compared to the same period in 2024 as the kingdom pursues precious metals that will help power the climate transition.

What happened: Some 22 new permits were issued in the first half of 2025, compared to nine in the first half of last year, according to data from the Ministry of Industry and Mineral Resources released Thursday.  

Investment in minerals exceeded 134 million Saudi riyals ($35.7 million) in the first half of 2025.

On Thursday, the ministry also qualified 31 local and international companies to compete for exploration licenses across three mineral-rich areas, spanning over 24,000 kilometers (15,000 miles). 

These belts are in the Medina region’s Nuqrah and Sukhaybrah Al Safra as well as in the Riyadh region’s Nabitah. The belts contain a variety of precious metals including gold, copper, silver, zinc and nickel.

The ministry posted on X that the winning firms will be announced in September.

Why it matters: Saudi Arabia has been opening up its critical minerals sector as part of its Vision 2030 reforms to diversify the economy away from reliance on oil by the end of the decade by investing in other sectors such as green energy, technology, tourism, sports and entertainment. 

Critical minerals such as lithium and copper, essential materials in items like batteries for electric vehicles, will help power the green transition.

Fortunately for the Gulf state, it is rich in critical minerals because of the geology of Western Saudi Arabia. The area, which also extends into Africa, has been found to contain over 3,000 industrial minerals, including in-demand ones like gold, copper and zinc.

As part of Vision 2030, the Saudi government looks to attract $100 billion in investment in its mining sector by the end of the decade. It has been doing this by regularly offering exploration rounds to domestic and international mining companies as well as streamlining regulation and incentivizing mining investors. In 2021, Saudi Arabia passed a law to stimulate investment into the mining sector. The new legislation allows permits to be processed within 30 days, much faster than many other countries, including the United States, where it can take up to a decade due to regulatory hurdles.

Know more: More exploration rounds in Saudi Arabia are expected before the end of 2025. Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said that the kingdom plans to launch exploration tenders for a 50,000-square-kilometer (31,000-square-mile) area by the end of the year, Ashraq Business reported on July 15.