Saudi mining exploration spending increases 500% since 2020 as foreign investment surges

Kitco2025-10-23

(Kitco Mining) - Saudi Arabia increased its exploration spending by 500% over the last five years – more than doubling in the last year alone – making the kingdom one of the fastest-growing mining ...

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In 2024 alone, private sector spending on exploration licenses grew by 164%, to SAR 770 million ($205 million) compared to SAR 155 million ($41.3 million) in 2020, even as government spending through geological programs grew from SAR 11 million ($2.9 million) in 2020 to SAR 180 million ($48 million) in 2024 – a growth rate of 1,600%. The number of active exploration companies also rose from 6 in 2020 to 226 in 2024, a 38-fold increase.Over 70% of total exploration spending went to grassroots projects in new and underexplored areas, marking the highest proportion among 21 countries included in a recent global study. Meanwhile, advanced-stage projects – those closest to potential mine development – accounted for the largest share of 2024 spending, at SAR 349 million ($93 million), followed by early-stage exploration at SAR 263 million ($70.1 million).The sector has also attracted strong interest from leading players in global mining, with foreign investors accounting for 66% of total mining investment compared to 34% from local investors.Saudi Arabia will host the fifth edition of the Future Minerals Forum (FMF) in Riyadh from Jan. 13-15, 2026. FMF brings together senior government officials, industry leaders, multilateral organizations, NGOs, academia, trade associations, and other stakeholders across the entire mineral value chain to help shape the future of minerals.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2577531754","isCrawlerRequest":true}