- Saudi Arabia doubles mining exploration spending to SAR500/km²
- Geomin 2025 Forum attracts 550+ experts from 38 countries
- AI and data analytics reduce exploration costs, boost efficiency
Mining in Saudi Arabia is more than a billion-dollar endeavor, as they have more than quadrupled their exploration budget over the past few years to >$260 per square mile (SAR1 million). Their latest survey surpassed the earlier estimation of $64-69 per square mile in 2020 by indicating the cost of exploration to be approximately $133 per square mile. The foresaid increase in budget conveys the message of the country's willingness to establish mining as a fundamental source of its national economic diversification strategy.
The Minister of Industry and Mineral Resources, Bandar Alkhorayef, stated that the increase in exploration spending is an indication of the growing appeal of Saudi Arabia as an investment-grade location for international investors dealing in mining and exploration sectors. And to demonstrate the further expansion of a global sectoral profile, he added that actual exploration spending is constantly growing.
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Geomin 2025 Forum was in Jeddah and was hosted by the Saudi Geological Survey in cooperation with the Society of Exploration Geophysicists (SEG) from May 43-546.. This conference attracted over 550 experts and 170 companies from 38 countries, and the international turnout emphasized the sector's soaring global profile and the kingdom's effort to be a central hub of mining and mineral exploration.
Alkhorayef also pointed out how AI and big data are evolving the mining industry. The use of such technology in exploration activities can reduce costs dramatically as more precise targeting of resource-rich areas lead to higher activities of efficiency and attraction of more investors.
With minerals estimated at over $2.5 trillion, Saudi Arabia wants to make sure that it develops its natural resources without compromising on ethics and sustainability. The Kingdom considers mining to be the third pillar of the Saudi economy, after oil and the petrochemical industry, and has taken all measures to