Saudi Arabia Grants Mining Exploration Leases to Vedanta, Zijin, and Hancock
Saudi Arabia has awarded mining exploration leases to major global companies, including India’s Vedanta, China’s Zijin Mining Group, and a subsidiary of Australia’s Hancock Prospecting, as part of its strategy to expand and diversify its mining sector.
The Ministry of Industry and Mineral Resources announced via X that the leases cover a total area of 4,788 km², including the Jabal Sayid region.
This initiative aligns with Saudi Arabia’s Vision 2030, which aims to reduce oil dependency, develop a competitive domestic mining industry, and attract foreign investment.
Zijin Mining, in partnership with a Saudi company, secured a lease to explore Jabal Sayid and is expected to invest approximately 60 million riyals ($16 million) in the project.
With Saudi Arabia seeking to uncover significant copper, gold, and silver deposits, these leases represent a major step forward in boosting the country’s mining sector and economic diversification efforts.
