Doha: Saudi Arabia’s mining sector investments rose by 397 percent, reaching SR 770 million in 2024, compared to SR 155 million in 2020.

According to Qatar News Agency, a report on mining exploration issued by the Saudi Ministry of Industry and Mineral Resources revealed that exploration spending increased more than fivefold during the period from 2020 to 2024, reaching approximately SR 1.05 billion.

This increase was a result of the significant growth in private sector investments, which rose by 397 percent to reach SR 770 million in 2024, compared to SR 155 million in 2020. Meanwhile, government spending increased by about 16 times, reaching SR 180 million in 2024, compared to SR 11 million in 2020.

As for operating companies, the number of active exploration companies increased from 6 in 2020 to 226 in 2024. Meanwhile, the number of active licenses increased to 841 by early 2025, compared to 500 permits in 2020, according to the report.

The report explained that preliminary estimates indicate that the mineral potential of gold and base metals amounts to approximately 67 million ounces of gold, 3.87 million tons of copper, and 5.24 million tons of zinc. Mineral reserves amount to approximately 12 million ounces of gold, 60,000 tons of copper, and 33,000 tons of zinc.