08 — Sector
Mining & Materials
Mining is being built into a new pillar of the economy, with an estimated US$2.5tn of untapped mineral wealth and licensing that more than tripled in 2025.
Key figures
- Estimated untapped mineral wealth, revised up from US$1.3tn in 2024
- US$2.5tn1
- New mining licences issued in 2025; 2,925 active at year-end
- 7362
- Investment tied to new exploitation licences
- SAR 44bn3
- Ministry of Industry and Mineral Resources, via Reuters, January 2024
- Ministry of Industry and Mineral Resources, via Argaam, March 2026
- Ministry of Industry and Mineral Resources, via Arab News, May 2026
What is driving demand
- The Exploration Enablement Program and competitive licence rounds
- Phosphate, aluminium and gold at Wa’ad Al-Shamal and Ras Al-Khair
- Downstream processing and battery materials
- Mining services, equipment and geoscience
- The Future Minerals Forum in Riyadh each January, where much of the sector’s dealmaking starts; the fifth edition ran in January 2026
Who buys
- Ma’aden and its joint ventures, such as Jabal Sayid with Barrick and a 50/50 exploration venture with Ivanhoe Electric
- Licence holders and exploration companies
- Processing and industrial offtakers
Typical entry route
International miners and service providers usually partner with a licence holder or Ma’aden, or bid for exploration licences directly under the Mining Investment Law.
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- Long lead times from exploration to production
- Ma’aden is consolidating: Alcoa and Mosaic sold their joint-venture stakes to Ma’aden in 2024–25, a sign of where control in new ventures is likely to sit
- Remote-site logistics, water and power
- Local-content and Saudization expectations in services contracts
FAQ
Common questions
Can foreign companies hold mining licences?
Yes. The Mining Investment Law (2020) allows foreign investors to apply for exploration and exploitation licences.
What is the most active part of the market?
Exploration: 479 of the 736 new licences issued in 2025 were for exploration, as the Exploration Enablement Program opens new areas.
Where is the services opportunity?
Drilling, geoscience, equipment, processing technology and logistics for remote sites.
What data is available before bidding for a licence?
The Saudi Geological Survey’s National Geological Database gives explorers public access to geological maps, mineral occurrences, geochemistry, geophysics and core data. Start there before committing to a licence round.
Sources for this page: Ministry of Industry and Mineral Resources (2024–2026); Saudi Geological Survey, National Geological Database; Future Minerals Forum; Alcoa (2024) and Mosaic (2024) on the sale of their Ma’aden stakes.
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