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1、SAUDI ARABIAMINING2025Vision 2030-Mining Super Region-Production and DevelopmentExploration and Tenders-Consultancy-Technology-ServicesSAUDI ARABIA MINING 2025GBR SERIESThe Future Minerals Forum(FMF)held its first edition in January 2022 in Riyadh aiming to serve as a global forum for mining leaders

2、 in the context of the energy transition.Despite being a new event,it was far from modest,even compared to other well-es-tablished gatherings in the Americas,Africa or Australia its scale and the presence of top authorities and executives suggest it is already shaping the annual agenda of mining-rel

3、ated conversations worldwide.The FMF is not an isolated initiative for Saudi Arabia;it is closely linked to the countrys bigger transformation plan.Indeed,a central theme of this publication is Vision 2030 and how it has shaped the mining sector.Launched in 2016,this blueprint drastically redefined

4、Saudi Arabias reality and economic diversification efforts.It is a framework where mining has become a key catalyst for achieving the countrys ambitious goals,as it is poised to become the Kingdoms third economic pillar.One of the key differentiators of Saudi Arabias mining industry is the governmen

5、ts strong commitment to developing the sector.Reforms already in place and those still in progress,together with joint venture opportunities and licensing rounds for un-tapped districts with high mineral potential,are redefining the countrys positioning within the global mining industry at remarkabl

6、e speed,as the country attracts major players with the best industry standards.It is in this context that we are proud to present the inaugural Saudi Arabia Mining special edition,produced by Global Business Reports in strategic partnership with the Future Minerals Forum.We would like to extend our

7、gratitude to the authorities,interviewees and companies across the value chain for their valuable contributions,allowing us to deliver the most comprehensive analysis so far of the mining industry in Saudi Arabia and the wider region.We hope that you enjoy the read,and that you have a very productiv

8、e Future Minerals Forum in Riyadh.Alfonso TejerinaDirector and General ManagerGlobal Business ReportsDear Readers,GBR SERIES|SAUDI ARABIA MINING 2025WELCOME LETTER3 RiyadhStrait of Hormuz00100200300 Kilometers300 Miles100200NSaudi ArabiaProvince BoundaryNational CapitalProvince CapitalInternational

9、BoundaryArabianSeaRed SeaGulf of AdenPersianGulfEASTERN PROVINCE(AL-SHARQIYA)RIYADHMAKKAH AL-MUKARRAMAHASEERJAZANNAJRANAL-BAHAHAL-MADINAH AL-MUNAWWARAHAL-QASSIMHAILNORTHERN BORDERS(HUDUD ASH-SHAMALIYA)TABUKAL-JAWFAl-Madinah al-MunawwarahHailDammamSakakaTabukBuraidahJeddahRas Al-KhairArarMakkah al-Mu

10、karramah CityAl-BahahAbhaJazanNajranSaudi Arabia Mining 2025Introduction to Saudi Arabia8Vision 203011 Interview with Future Minerals Forum12 Factsheet13 The Capital of the“Super Region”15 Interview with Saudi Geological Survey(SGS)and Toronto Stock Exchange and TSX Venture ExchangeProduction and Ex

11、ploration18 Mining Production20 Interview with Maaden23 Interview with Saudi Gold Refinery24 Interview with AMAK25 Interview with Tasnee26 Map of mines and industrial facilities in KSA28 Development,Exploration and Trading31 Interview with Open Mineral32 Interview with Power Metal Resources33 Interv

12、iew with Moxico Resources34 Interview with Greyridge Exploration and Metal Bank35 Interview with EV Metals Group and Gold and Minerals36 Rounds of exploration licensing mapService Providers40 Service providers42 Interview with Golden Compass43 Business Insights44 Expert Opinion Article:Maximising Mi

13、neral Exploration Success in KSA46 Interview with SRK47 Interview with Xcalibur Smart Mapping48 Interview with Masharef Advanced Company and Boretech and Drilling&Exploration49 Interview with Saudi Canadian Mining Services and FalconViz50 Ahlan Wa Sahlan Fi Al-Saudiyah51 Interview with Hoffmann Reed

14、52 Interview with Embellie Advisory53 Engineering56 Interview with DRA Saudi Arabia57 Interview with Larsen&Toubro58 Interview with Darkstone Arabia59 Interview with Al-Rushaid Group and Tomarok Engineering60 Interview with ATC Williams and Hatch61 Interview with Wrtsil UAE and GlassPoint62 Blasting

15、 Services63 Interview with Orica64 Interview with Saudi Chemical Company Holding65 Interview with Modern Chemicals&Services Company(MCS)Equipment and Technology68 Mining Equipment69 Interview with Bin Shehab70 Interview with Comacchio71 Interview with AGINCO72 Trucks and Auxiliary Equipment74 Interv

16、iew with Scania Middle East and Komatsu Middle East75 Interview with Tesmec and XCMG76 Comminution and material Handling78 Interview with Magotteaux79 Interview with FLSmidth80 Interview with Yokogawa Middle East and Africa81 Technology for Exploration82 Interview with Metso and Imaker XR83 Intervie

17、w with Conundrum AI,Viridien and IMDEX84 Company Directory86 CreditsProduction and ExplorationService ProvidersEquipment and Technology16-3738-6566-83A Global Business Reports PublicationFor updated industry news from our on-the-ground teams around the world,please visit our website where you can su

18、scribe to our newsletters,follow us on LinkedIn and X(GBReports).SAUDI ARABIA MINING 2025GBR SERIESGBR SERIES|SAUDI ARABIA MINING 20255 TABLE OF CONTENTSINTRODUCTION TO SAUDI ARABIAAli M.Al MutairiExecutive DirectorFUTURE MINERALS FORUMGBR Series SAUDI ARABIA MINING 2025Image courtesy of NEOM at Uns

19、plashWe are the voice of the so-called Super Region that plays a key role in the global mineral supply chain.While it is a focal point,our work is inclusive,aiming to bring all stakeholders together to drive the industry forward.Vision 2030The truth is,while in this story,min-ing in the The Kingdom

20、of Saudi Ara-bia(KSA)is the key subject,the plot and theme are all about Vision 2030,the unifying force and thread that runs through every interview,ev-ery conversation,and every insight shared by more than 60 executives that we met with while researching this report.But what exactly is Vision 2030,

21、and why does it matter so much?In essence,Vision 2030 is a social and economic blueprint proposed in 2016 by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud with a clear purpose:to diversify KSAs economy and open the coun-try up to the world.This ambitious plan is unfolding in phases,and one

22、of its key goals is to position the mining sector as the third pillar of KSAs industrial economy,after oil&gas and petrochemicals.What exactly was the wake-up call that set this vision into motion?For much of its modern history,Saudi Arabias economy has beenand continues to beheavily reliant on oil.

23、However,depending so heavi-ly on a single commodity presents challenges,especially when the cy-clical nature of commodity markets causes volatility.Without going into the causes,from 2014 to 2016,oil prices collapsed.After peaking at US$107.95 per barrel on June 20,2014,prices plummeted to US$44.08

24、per barrel by January 28,2015.In 2016,according to a World Bank report,oil accounted for more than 80%of KSAs government revenues.Just think about how that price drop would have affected this revenue.With these factors in mind,Vision 2030 started to take shape.The question was not whether KSA could

25、keep relying on oil but whether it could actually thrive without it.The search for new pillars of economic strength beganand mining was placed at the forefront of that vision.The third pillar of the economy At its core,Vision 2030 rests on three pillars,each with its own KPIs:a Vi-brant Society,a Th

26、riving Economy,and an Ambitious Nation.All three shape the countrys aspirations at different levels,but we will focus on the“Thriving Economy”pillar,which encapsulates the mining industry our scope.On the economic front,KSAs am-bition is to diversify government revenue streams by raising non-oil rev

27、enue to US$267 billion by 2030 from US$43 billion today,increas-ing womens participation in the workforce to 40%,and raising lo-cal participation in the oil and gas sector from 40%to 75%.But what about mining?Vision 2030s goals expect the mining sectors GDP contribution to grow from US$17 billion in

28、 2015 to US$75 billion.Estimations are not only for economic contribution.In terms of mineral endowment,the Kingdoms estimated value of min-eral reserves has increased by 88%from SAR 5 billion(around US$1.33 billion)in 2015 to SAR 9.4 trillion(US$2.5 trillion)by 2023.So far,those are expectations,bu

29、t what are the real advancements?According to the latest governmen-tal figures,the mining and metallur-gical industries have experienced substantial growth since 2015,with their GDP contribution increasing by 88%to SAR 120 billion(US$31.96 billion)in 2023.Investments in the sector now total SAR 170

30、billion(US$45,27 billion),and mining li-censes have surged by 554,with 1,465 licenses anticipated by the end of 2024.The Kingdoms advancements in this sector may have gone un-noticed,however,projects like NEOMa flagship of Saudi Arabias giga-projectsare impossible to ignore.Spanning 26,500 km2 and p

31、owered entirely by renewable en-ergy,NEOM is best known for THE LINE,a 170-km long city.This,and other giga-projects(14 in total,in-cluding Qiddiya and Red Sea Glob-al),will have a significant impact on the mining industry.They are ex-pected to multiply the demand for metals and minerals,and even wi

32、th operations running at full capacity,KSA will face challenges in meeting this demand.Vision 2030 is one of the most comprehensive and well-thought-out plans out there.The level of commitment behind it,especially in terms of how it is translated into the The blueprint that puts mining at the forefr

33、ontImage courtesy of Anton Balazh at Adobe Stock mining sector,is something you just do not see in other mining regions right now.As Graham Dallas,head of business development EMEA at the Toronto Stock Exchange&TSX Venture Exchange,said:“Seeing such an important country evolve at this speed is excit

34、ing.It feels like they are navigating a unique mo-ment in history;it is refreshing to see a major new player fully em-We see immense potential in the Saudi mining sector.With an estimated$2.5 trillion in mineral resources to uncover and develop,the upside here is huge.Bob WiltCEOMAADENbracing this r

35、eality.The more peo-ple adopt this mindset,the better for the global economy,especially with the growing demands of the energy transition.”Can KSA build up an industry based on the buzz it has created?In the upcoming articles,we will detail everything the Kingdom has already doneand continues to dot

36、o make Vision 2030 a reality.8 9 GBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025EDITORIALEDITORIALSources:IMF(2023);General Authority for Statistics(2024)Sources:IMF(2023),World Bank(2023);Vision 2030 Annual Report 2023;Saudi Census(2022)Sources:IMF(2023),World Bank(2023);Visi

37、on 2030 Annual Report 2023;Saudi Census(2022)CAPITAL CITYRiyadhPOLITICAL SYSTEMMonarchyCURRENT KINGKing Salman bin Abdulaziz Al SaudCURRENT PRIME MINISTERPrince Mohammed bin Salman bin Abdulaziz Al SaudNOMINAL GDP(US$),20231.07 trillionGROSS INVESTMENT(%OF GDP),202327.2%GROSS NATIONAL SAVINGS(%OF GD

38、P),202332%Average life expectancy(years)Home ownership rate(%)Population centers,including rural areas,covered with healthcare services(%)77.678.196.463.780405515341,327477084.199.5VIBRANT SOCIETYDEMOGRAPHIC DATAOF GDP2023SAUDI ARABIA AT A GLANCEVISION 2030 GOALSUNEMPLOYMENT RATE7.7%MEDIAN AGE 20222

39、9CURRENT ACCOUNT BALANCE3.2%INFLATION RATE,OCTOBER 2024 1.9%POPULATION32.82MILLIONGDP PER CAPITA,CURRENT PRICES(THOUSANDS OF US$)32.88Source:Vision 2030 Annual Report 2023;Ministry of Industry and Mineral Resources(2024);IMF(2023)Source:Vision 2030 Annual Report 2023 SAUDI ARABIA:A GROWTH SNAPSHOTLI

40、TERACY RATE,202098%201620232030 TARGET201620232030 TARGET201620232030 TARGETNon-oil GDP(US$billion)Private sector GDP contribution(%)Womens participation in the labor market(%)40.36522.840THRIVING ECONOMY201620232030 TARGET201620232030 TARGET2030 TARGET20162023Non-oil government revenue(US$billion)R

41、anking in E-government Development Index77.62676391.5AN AMBITIOUS NATION201620232030 TARGET201620232030 TARGET4512270.8GDPGDP ranking Globally Unemployment RateMining contribution to GDPMineral EndowmentUS$665.43 billionUS$1.07 trillionUS$17 billion US$1.33 trillion US$31.21 billion US$2.5 trillion

42、20th19th13%7.7%20162023How does the Future Minerals Forum(FMF)support the development of the mineral value chain?The FMF is a global,inclusive gathering for the miner-al industry held in Riyadh to shape the future of min-erals.It is not just one event but a series of activities and discussions cover

43、ing the entire mineral value chain throughout the year,from exploration to recycling and everything in between.The focus is on creating resilient,responsible mineral value chains that benefit the com-munity,the environment and the economy.The FMFs cornerstone is the Ministerial Roundtable,where gove

44、rnment leaders set the direction and tone for the whole event and year.This is followed by a two-day conference where mineral industry and govern-ment leaders engage in deep discussions.Can you elaborate on the Ministerial Roundtables role and impact on global mineral policies?The Ministerial Roundt

45、able 2025(MRT)will bring to-gether about 100 country representatives and 40 from international bilateral and multilateral organizations.It is an ongoing dialogue,with actions that carry on through the year.The MRT started in 2022 with 32 countries and six organizations,sparking meaningful conversati

46、ons.By 2023,that grew to 63 countries and 21 organizations;the main takeaway was clear:we needed to take action.In 2024,we turned the discussions from the previous year into real plans and initiatives led by the FMF team.A working group led by the FMF,made up of different governments and organizatio

47、ns,has been working since 2023 on developing a draft framework,which we plan to present in 2025 for global adoption and action.We are also working on creating centers of excellence,which will connect experts worldwide.Some countries are ahead in tech and know-how,while others are not as advanced.The

48、 idea is to bring together people from around the world so they can share knowledge and build much needed capacity.Additionally,sustainability and traceability are key,with efforts around setting pri-orities for responsible supply.What are some of the main goals and additions for FMFs 2025 edition?T

49、he motto of the FMF 2025 is“Global Leadership Through Action”and we are expecting some exciting Ali M.Al MutairiExecutive DirectorFUTURE MINERALS FORUMTogether,we have created what is now the leading global platform for mining and mineral value chains.growth for the conference.In 2022,we had about 4

50、,000 attendees;by 2024,that number jumped to 14,000.For 2025,we are aiming for around 20,000.We have big new additions for 2025.One is the“Knowledge Ex-change”,part of our effort to be more inclusive.We will also be hosting the International Geological Survey meeting,where we expect around 40 to 50

51、geological survey institutions from across the globe to attend.Additionally,there will be a meeting focused on Cen-ters of Excellence,focusing on capacity development across the Super Region.Lastly,we are introducing a series of Leadership Roundtables,where groups of in-ternational Ministers and CEO

52、s sit together to tackle a tough issue on mineral supply and recommend solu-tions for implementation.We will introduce something new called the“Invest-ment Stream”,aiming to make Riyadh the go-to place for anyone wanting to connect with the top players in the minerals industry.This is where represen

53、tatives from Saudi Arabia will have a chance to speak directly to investors and present the opportunities available in their country.The idea is to make the conference more interactive and practical,not just about sitting through presentations.What would be your message for GBRs audience and attende

54、es of the FMF 2025?Countries own the mineral resources,and companies need governments permission to extract them.But governments face big challenges that cannot be tackled alone.They need help from big investors and corpora-tions.Of course,both need clear standards and regu-lations to guide their wo

55、rk.At the FMF,we care deep-ly about sustainability and environmental,social,and community impact.We want to bring everyone together to tackle the challenges in the industry and create solu-tions that benefit communities,governments,business-es and the environment.I am proud to be part of the team th

56、at has been build-ing this from the ground up since 2022.Together,we have created what is now the leading global platform for mining and mineral value chains,and we are really proud of that.We will keep pushing forward,staying in-novative,and making sure we do not repeat ourselves,whether in the pro

57、gram or our offerings.11 INTERVIEWGBR SERIES|SAUDI ARABIA MINING 202510 FACTSHEETGBR SERIES|SAUDI ARABIA MINING 2025REGISTER NOWJoin Global Mining,Mineral,and Investment Business Leaders!Discover emerging opportunities within the global mineral value chain and forge powerful partnerships with invest

58、ors driving the expansion of mineral operations.Be part of a network that accelerates growth and shapes the future of the mineral and mining industry.Dominic BartonChairman,Rio TintoBob WiltChief Executive Officer,MaadenDuncan WanbladChief Executive,Anglo AmericanMximo PachecoChairman,CodelcoJinghe

59、ChenExecutive Chairman,Zijin Mining GroupTom PalmerPresident and Chief Executive Officer,NewmontJeremy WeirExecutive Chairman/Chief Executive Officer,Trafigura GroupMark BristowPresident and Chief Executive OfficerBarrick Gold CorporationSteele LiVice Chairman and Chief Investment Officer,CMOC Group

60、Catherine RawChief Development Officer,BHPRobert FriedlandFounder,Ivanhoe Mines,Ivanhoe Electric and I-PulseJonathan PricePresident and CEO,Teck ResourcesMark CutifaniChairman,Vale Base MetalsJoe KaeserChairman of the Supervisory Board,Siemens Energy&Daimler TruckBill OplingerPresident and Chief Exe

61、cutive Officer,Alcoa Corporation,Pittsburgh,United StatesGeorge Q.FangVice Chairman,Executive Vice President,Huayou Cobalt Co.Top SpeakersTHE WORLDS LEADING GATHERING ON MINERALS20,000+PARTICIPANTS1,000+CEOS250+SPEAKERS170+COUNTRIES150+EXHIBITORS70+MINISTERSHow will Saudi Arabia,the Middle East,and

62、the broad-er region shape the mining industry over the next de-cade?Traditionally,from a commodity perspective,the region has been a synonym for oil and gas rather than mining.However,KSA is reshaping this perception.The Middle East is a complex region that includes dif-ferent socio-political and ec

63、onomic realities,however,a new concept has emerged in the mining industry over the last few yearsa concept that could very well steer the course of the energy transition:the“Super Region,”encompassing Africa,the Middle East,and Central and South Asia.The term was coined by the consulting firm Wood M

64、ackenzie and introduced in a whitepaper presented at the Future Minerals Forum in 2024,which highlights that approximately US$400 billion in CapEx by 2030 will be needed for mining across the critical minerals value chain to solve the supply deficit and keep global tem-perature rise within the 1.5C

65、threshold above pre-in-dustrial levels.To meet this target,this new“Super Region”must work on four factors:resources,capital,demand,and capabilities.Interestingly,the tempera-ture target aligns neatly with Saudi Arabias Vision 2030 and the four factors Wood Mackenzie identifies seem to echo many of

66、the points of Vision 2030 itself.What role will KSA play in this emerging Super Re-gion?Daro Castellanos,general manager for the Middle East at Xcalibur Smart Mapping,stated:“Saudi Arabia has the potential to become a major player,not just in regional mining but globally,especially when it comes to

67、materials needed for the energy transition.The country could take the lead in mining acquisitions with its financial strength.Beyond dominating its terri-tory,Saudi Arabia could also play a big role in develop-ing mining resources in other regions.”Indeed,there are many points that serve as an ad-va

68、ntage for the region and Saudi Arabia in particular.First and foremost,the Kingdom is strategically locat-ed at the heart of this region.Beyond the benefits of low operating costs,abundant energy resources,and a skilled young workforce(KSA has a population of around 32 million,and 63%of the populati

69、on is less than 30 years old),Saudi Arabia also enjoys exceptional connectivity.More than 60%of the worlds markets are accessible within just eight hours by air and five days by sea.While the recent disruptions in global supply chain logistics have highlighted vulnerabilities,Saudi Arabias central l

70、ocation and robust infrastructure continue to position it as a critical hub for trade and commerce.KSA is by far the largest economy in the GCC,and only two countries within the broader region have a higher GDP than Saudi Arabia(US$1.07 trillion in 2023):India,with a GDP of US$3.55 trillion,and Turk

71、ey,which stands at US$1.108 trillion.“The GCC has a lot to offer,but Saudi Arabia is where the spotlight really is now.With limited opportunities in srk consultingFrom exploration to closureSRK Consulting is an independent,international practice providing focussed advice and solutions to the earth a

72、nd water resource industries.As a one-stop consultancy,we can provide you with a multi-disciplinary team for the entire life cycle of a project.Mineral Exploration Mining Project Evaluation ESG Mine Closure Geology and Resources Mining Geotechnics Mine Engineering Water Management Mine Waste Managem

73、ent Extractive Metallurgy and Mineral Processing Civil and Structural E1,700 professionals20 countries6 continents45+offces+44 29 2034 8150 enquiriessrk.co.uk The Capital of the“Super Region”Reshaping the mining agendaImage courtesy of Mohammed at Adobe Stock13 GBR SERIES|SAUDI ARABIA MINING 2025EDI

74、TORIALthe rest of the GCC except for the UAE,KSA is the only place where the most ambitious projects are happen-ing.Over the next two to three years,the country plans to invest at least US$100 billion in various sectors in its broader strategy to reduce reliance on oil and diversify its economy,”com

75、mented Dip Kishore,board member,ECOM member&advisor to CMD development projects&metals&minerals at Larsen&Toubro.The second point is that the region,particularly Sau-di Arabia,remains vastly underexplored.If you want to find an Easter egg,you have to go where your siblings did not already search.Thi

76、s is precisely the opportunity that Saudi Arabia offers with an untapped potential val-ue estimated at US$2.5 trillion.“For years,companies focused on other jurisdictions because,as a junior,you are going to explore an area where you believe there is potential for a significant discovery and where e

77、very-thing is in place to support that worksuch as security of tenure,good baseline geodata for the license areas,and economic and financial security,”said Antony Ben-ham regional director at MSA Arabia.Benham is right.The trillion-dollar mineral potential referenced earlier is a recent estimate off

78、icially con-firmed by the Saudi government in 2023.This came as part of different initiatives,including programs with the Saudi Geological Survey aimed at catching up with more mature jurisdictions in terms of mapping the Kingdoms geological resources and,at the same time,attracting new investors.Fi

79、nally,there is the crucial advantage of neutrality.As global superpowers are divided between the West and the East,who is left in the middle?By maintaining a neutrality policy,Saudi Arabia has become a magnet for investors from around the globe,offering a stable,balanced environment in which to do b

80、usiness.As Boris Eykher,co-founder and CEO of Open Mineral,summa-rized:“They hold a neutral position,balancing ties with the Global South,the West,and China,which is crucial in the trade as impartiality matters.Despite being a des-ert,the Gulf is genuinely an oasis of capital,opportuni-ties,and a na

81、tural trading hub.”Saudi Arabiaand more specifically,the annual Fu-ture Minerals Forum(FMF)in Riyadhare positioning Saudi Arabia to set the tone for the conversation in the years to come,with both the private sector and differ-ent governments shaping the dialogue moving forward:“We are the voice of

82、the so-called Super Region,a concept that unites Africa,the Middle East,Central Asia,and South Asia,regions that play key roles in the global mineral supply chain.While the Super Region is a focal point,our work is inclusive,aiming to bring all senior leaders,suppliers,customers,and stakeholders tog

83、eth-er to drive the industry forward,”concluded Ali M.Al Mu-tairi,executive director for the Future Minerals Forum.GLOBALLEADERSINMINING#1 in Listed Mining Companies Globally#1 in Mining Capital Raised GloballyTORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGETo learn more about listing on our markets,

84、contact Data as at December 31,2022.Mining capital raised from 2018-2022.Source:TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence.2024 TSX Inc.All rights reserved.The information in this ad is provided for informational purposes only.Neither TMX Group Limited or any of its affili

85、ated companies guarantees the completeness of the information contained in this ad and we are not responsible for any errors or omissions in or your use of,or reliance on,the information.The Future is Yours to See.,TMX,the TMX design,TMX Group,Toronto Stock Exchange,TSX,TSX Venture Exchange,TSXV and

86、 Voir le futur.Raliser lavenir.are trademarks of TSX Inc.The Saudi Geological Survey celebrated its 25th anniversary in October 2024.What is its mission?The Saudi Geological Survey(SGS)was established in 1999 with the primary role in discovering natural resources other than natural gas and oillike m

87、in-erals,water and renewable energy.SGS is also in charge of monitoring geo-hazards,including earthquakes,volcanoes,flooding and all other geological risks.Lastly,we are tasked with monitoring the hydrogeology and chemistry of the Zamzam Well in the Holy City of Makkah,to ensure a sustainable sup-pl

88、y of its water at standard levels.How much of the Arabian Shield has the SGS surveyed so far?The Arabian Shield covers an area of approximately 630,000 square kilome-ters,and we have successfully mapped about 85%of the Shield through our recent geological initiatives and acceleration programs.We ope

89、rate a fleet of 10 airplanes specialized in airborne geophysical surveys,data of which will be integrated with over 85,000 collected stream sediment samples to evaluate mineral resources within the Arabian Shield.The Minister of Industry and Mineral Resources has announced that the estimated value o

90、f these resourc-es in the Kingdom of Saudi Arabia is US$2.5 trillion.What are the next steps once you have collected the data?After collecting data,the next step is to analyze and integrate it into our Na-tional Geological Database(NGD).Currently,60%of the total surveyed area of the Arabian Shield h

91、as been uploaded to this platform.What sets this platform apart is its investor-friendly approach and the fact that it is unlimited download and free of charge.Over the past three years,it has attracted more than 90,000 visitors,and our geological database is now ranked third in the world.What are S

92、GS specific goals for the first months of 2025?This next phase involves conducting regional surveys to deepen our under-standing of key strategic areas.Abdullah bin Moftar Al-Shamrani CEO SAUDI GEOLOGICAL SURVEY(SGS)How does the TMX perceive Saudi Arabias(KSA)interest in mining?KSA is positioning mi

93、ning as the third pillar of its industrial economy.Their commitment is extensive;they have also become significant investors,such as their stake in Vale Base Metals,directly impacting the Canadian mining sector.Additionally,KSA understands that building a successful mining sector requires more than

94、geology and funding;it needs human capital.They have started working closely with Canadian companies to develop the expertise and skills needed to grow their mining operations from the ground up.While they already have producers like Maaden in place,there is still massive po-tential for development

95、across the Arabian Shield,and they see Canada as a key partner for talent.Are we witnessing an unprecedented boom unlike anything seen in oth-er mining regions?KSA has started the journey with clear intent and strong investments to make mining work.They have promising geology,but establishing a new

96、mining hub is difficult.Inertia is a real challenge.It is not like many miners are waiting for new projects,as most are already tied to existing portfolios.However,in-terest is growing,and momentum is building through events like the FMF.It is only a matter of time before more exploration geologists

97、,mining engineers,equipment suppliers and educators get involved in KSAs mining sector.In what ways does KSAs transformation stand out compared to other nations development?Seeing such an important country evolve at this speed is exciting.It feels like they are navigating a unique moment in history;

98、it is refreshing to see a major new player fully embracing this reality.The more people adopt this mindset,the better for the global economy,especially with the growing demands of the energy transition.Graham DallasHead of Business Development,Europe,Middle East and AfricaTORONTO STOCK EXCHANGE AND

99、TSX VENTURE EXCHANGE 15 INTERVIEWGBR SERIES|SAUDI ARABIA MINING 2025EDITORIAL14 GBR SERIES|SAUDI ARABIA MINING 2025PRODUCTION AND EXPLORATIONMichael BradleyCEOGREYRIDGE EXPLORATIONGBR Series SAUDI ARABIA MINING 2025Image courtesy of Ginger SofrecoYou should seriously consider Saudi Arabia.There is h

100、uge,untapped geological potential,a fundamental mining sector reform program,and an unrivaled mining code with incentives probably not found elsewhere in the world.Just to quickly recap what has been discussed so far,at its core,Vision 2030 is a 15-year blueprint divided into three phases of five ye

101、ars,that rests on three pillars:a Vibrant Society,a Thriving Economy,and an Ambitious Nation.The first phase introduced key economic and structural reforms to lay the foundation for national transformation and set the stage for a diversified economy.The Nation-al Industrial Development and Logistics

102、 Program(NIDLP),launched in early 2019,was one of the most crucial steps in this journey towards a more diversified economy.The NIDLP is like an ingenious umbrella,working as a catalyzer and enabler of the growth and diversification of the economy under the“Thriving Economy”pillar.The NIDLP integrat

103、es four key sectors:industry,mining,en-ergy,and logistics into a cohesive strategy to maximize impact.Let us think about it and its logic:mining brings resources to the surface;the industry gives them form,transforms them,and gives them value;energy fuels the entire process;and finally,logistics ens

104、ures these prod-ucts reach global and national markets.In 2019 there were already echoes about mining becom-ing the third pillar of Saudi Arabias economy,alongside oil and petrochemicals.Yet,mining was still grouped with other energy-related industries,limiting its potential.The solution was clear:m

105、ining needed to stand on its own.On August 30,2019,the Ministry of Energy,Industry and Mineral Resources was split into two entities.The Ministry of Energy retained its focus,while the new Ministry of In-dustry and Mineral Resources was born.Bandar Ibrahim Alkhorayef was then appointed as its Minist

106、er,signaling a new emphasis on a sector poised to become the third pillar of the countrys industrial economy.By the end of 2019,KSA had a clear vision of what it wanted to be,and its leaders were both shaping and assembling the puzzle pieces to make this vision fit.The roadmap was defined with step-

107、by-step strategies to build a diversified economy and a robust framework emphasizing the synergies between sectors to achieve the nations ambitions.However,one piece was missing in this puzzle:a robust legislative framework.From the perspective of a private mining company,geology is just one piece o

108、f the puzzle.Without support from the government and society,mining cannot happen.As Alan Davies,CEO of Moxico Resources,a company ad-vancing the Khnaiguiyah project close to construction,ex-plained:“We are not entirely jurisdiction agnostic a ro-bust local legal framework and promising geology must

109、 go hand in hand.”The old mining law dated back to 2005,and did not fit the purpose of a fast-paced industry.For Ayman Badirah,CEO of Masharef Advanced Company,a local consultancy and service company,this was an impediment to the evo-lution of the sector:“Before Vision 2030,Saudi Arabias focus was p

110、redominantly on oil&gas,with mining largely overlooked despite its significant potential.Over the years,the government has made strides in improving policies and guidelines,significantly easing international investors par-ticipation process.Previously,unclear regulations created barriers for investm

111、ent,but today,Saudi Arabia boasts ro-bust regulations aligned with international standards.”Recognizing the lack of new mech-anisms to drive modern investments to unlock minings potential,KSA in-troduced the Mining Investment Law,approved by the Council of Ministers in June 2020 and entering into fo

112、rce on December 20 of the same year.Among the changes,the new law created a framework to develop and update a National Geological Data-base in coordination with the Saudi Geological Survey(SGS),an online repository that centralized geological,topographical and exploration data to provide investors w

113、ith easy access to relevant information and to encour-age exploration.The law also estab-lished the regions first“Mining Fund,”a financial instrument to ensure the sectors growth,addressing the chal-lenges of such a capital-intensive in-dustry,especially at the beginning of the lifecycle.The reforms

114、 extended to licenses.The New Law maintained the three-ti-er classification of minerals,now la-beled as Class A(metallic minerals,precious and semi-precious stones),Class B(non-metallic and industrial minerals),and Class C(construction materials),but introduced some up-dates.For instance,exploration

115、 li-censes could now be granted for 15 years in 5-year terms,a significant increase compared to the previous 10-year limit.Grahame Nelson,partner and head of the KSA office at Al Tamimi&Com-pany,the largest law firm in the Mid-dle East,commented that by opening an office in Al Khobar in 2017the“ener

116、gy bastion”of KSAthey saw an opportunity to grow in energy and mining law.He also provided GBR with some interesting insights on the countrys evolution:“The government has introduced a new mining law with many of the features embedded in the mining laws of other countries with a lot of mining activi

117、ty and is now ac-tively encouraging investment in the sector.However,while the regulatory framework is robust and the Ministry of Industry and Mineral Resources is keen to grow the sector,so far there does not appear to have been sub-stantial foreign investment in the sec-tor,”said Nelson,to which h

118、e added:“Since the new mining law came into play,things have been moving more quickly,but there is definitely much more potential.”Second phase:What is there,and how can it be harnessed?Vision 2030s first phase,which ran from 2016 to 2020,set the foundation for the work that is currently under-way.T

119、he second phase,which will conclude in 2025,focuses on launch-ing new programs.As Nelson pointed out,Saudi Arabia needs to attract in-vestors and facilitate business growth in the mining sector.One of these initiatives,which be-gan even before the second phase in 2019,is the Taadeen Platform,launche

120、d alongside the previously mentioned NIDLP.The platforms goal is to streamline mining invest-ment procedures by connecting them with digital and electronic sys-tems.According to a document published by Taadeen,KSAs geology can be classified into two main areas:the western province,dominated by the A

121、rabian Shield,and the eastern prov-ince.Investors are primarily focused on the Arabian Shield,which forms the eastern part of the larger Arabi-21 Mining ProductionFirst Phase:Sweeping economic and structural reformsImage courtesy of TesmecMaadenSaudi Gold RefineryAMAKSource:Maaden Annual Report(2023

122、);AMAK Annual Report(2023);GBRKSA Mining Industry-2023 Production OverviewGold:406,912 ozCopper:64,450 mtAlumina:1.8 million mtFertilizer:5.9 million mtAmmonia:3.2 million mtGold:65,000 ozGold:26,352 oz Silver:75,509 ozCopper:19,515 mtZinc:45,700 mtan-Nubian Shield(ANS),split by the Red Sea and that

123、 extends into Africa.The Arabian Shield is,from a geolog-ical point of view,complex,making it prospective for a wide range of min-erals,and,as noted by the platform,both provinces contain a“plethora of minerals crucial for global industries,”including precious and base metals,bauxite,and uranium.Sau

124、di Arabia increased its mineral endowment estimation in 2023 to SAR 9.4 trillion(US$2.5 trillion).Additional-ly,the sector generated over US$410 million in revenue in 2023.This 88%increase in Saudi Arabias mineral en-dowment was made possible through the efforts of a consortium consisting of the Sau

125、di Geological Survey(SGS)and various international and local private and governmental entities,along with their geological survey pro-gram,which now covers more than 85%of the Arabian Shield.According to the government,with-in this US$2.5 trillion endowment,phosphate is the most valuable re-source,w

126、ith a gross in-situ value of SAR 4,669 billion.Iron and limestone deposits collectively have a value of SAR 1,295 billion,followed by gold,with a value of SAR 1,114 billion.Cop-per comes next,with an estimated value of SAR 512 billion,followed by zinc at SAR 322 billion,niobium at SAR 315 billion,an

127、d rare earth elements(REEs)at SAR 238 billion.Other min-erals include bauxite(SAR 80 billion),silica(SAR 15 billion),and silver and uranium(SAR 10 billion each).Breaking down Saudi Arabias min-ing market It is said that mining in the Arabian Shield dates back 5,000 years to the era of King Solomon a

128、t Mahd Ad Dha-hab(Cradle of Gold),a mine currently owned by the Saudi Arabian Mining Company(Maaden).Today,sever-al gold mines are in operation,with more expected to come online in the coming years,along with additional mines extracting other commodities.The history and mineral wealth are rich,yet t

129、he Saudi mining industry remains consolidated.In fact,the pro-duction sector is primarily dominated by three companies:Maaden,Saudi Gold Refinery,and Al Masane Al Kobra Mining Company(AMAK).18 19 EDITORIALGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025EDITORIALHow has Maaden g

130、rown since 1997,and what are the key highlights for 2024-2025?Since 1997,Maaden has grown into the Middle Easts larg-est multi-commodity mining company,playing a key role in Saudi Arabias Vision 2030.Starting as a single gold mine,we are now a global leader in phosphate production,a re-gional leader

131、 in aluminium,and we are on the precipice of becoming a globally significant gold miner.Our 2024-2025 priorities include advancing Maadens re-gional and global footprint with a bold growth strategy to transform mining into the third pillar of the Saudi economy.This strategy emphasizes technology,inn

132、ovation and oper-ational excellence to drive efficiency and productivity.Our focus is also on expanding exploration to increase our re-source base so we can scale organically,while also exploring strategically aligned opportunities for inorganic growth.Key projects include the Phosphate 3 project wh

133、ich is set to boost phosphate production by 50%,strengthening Maadens position as the worlds second-largest exporter of phosphate fertilizers.Additionally,Mansourah-Massarah project is ramping up to effectively double gold production.What is Maadens vision for establishing Saudi Arabia as a global m

134、ining hub,and how do partnerships and joint ventures contribute to this goal?Sitting between Asia,Europe and Africa,Saudi Arabias geographic centrality means that Maaden is exceptionally well placed to play a major role in global minerals supply chains.We have world class seaborn transport links bot

135、h to Europe though the Red Sea and to Asia from the Gulf,while also being central to the high growth potential Mid-dle East and North African markets.Major partnerships and joint ventures with world-class companies have supported us in transforming Maaden into a globally significant mining company.O

136、ur partner-ship with Mosaic one of the worlds leading phosphate and potash companies supported us to develop our phosphates business,and our partnership with global aluminium heavyweight Alcoa has provided us with the technical capability and experience to transform our alu-minium business into a re

137、gional leader.Now our joint venture with Barrick Gold at the Jabal Sayid underground copper mine is enabling us to gain the expertise in copper mining.In the exploration field,our partnership with Ivanhoe Electric is providing us with world leading exploration technology that will up-tech and upskil

138、l our exploration function.What are the key growth areas in Saudi Arabias min-ing sector,and how is Maaden leading them?With an estimated US$2.5 trillion in mineral resources to uncover and develop,the upside is huge.Maaden is set for substantial growth with US$56 billion in CapEx until 2040,totalli

139、ng US$69 billion if we include sustainability and ESG.The objective is to achieve 10 x EBIT-DA growth by 2040,and to have firmly established mininh as the third pillar of the economy and Maaden as one of the worlds leading mining and minerals companies.The exploration program we are undertaking in t

140、he previously underexplored Arabian Shield is the largest of its kind anywhere in the world,with over 23,000 km2 of granted licenses and over 75,000 km2 more under appli-cation.It is already producing results with significant gold resource potential identified along a 100 km strike from the existing

141、 Mansourah-Massarah gold mine.Can you elaborate on how the partnership with Hexa-gon is driving innovation at the Mansourah-Massarah mine?The partnership we announced with Hexagon to build the regions first digital mine capabilities at our flagship Man-sourah-Massarah gold project speaks to our ambi

142、tion,but we are using IoT,digital twin and cutting edge technologies across our operations to enhance safety and efficiency.How is Maaden aligning Saudi mining with global sus-tainability standards?We are committed to achieving carbon neutrality by 2050,and to reduce scope one and two greenhouse gas

143、 emissions by 37%by 2030 and 60%by 2040.In 2022,we achieved a year-on-year reduction of 24%and 20%,re-spectively,reducing electricity consumption and increas-ing the share of renewable energy.We are also pioneering new game-changing sustainable technologies in our operations-such as a new patent for

144、 CO2 capture from phosphogypsum calcination.What message do you have for the Future Minerals Fo-rum delegates and Global Business Reports readers?Maaden remains committed to being a regional and global leader in sustainable mining,fostering partner-ships,and contributing to the Kingdoms diversificat

145、ion goals.Together,we can redefine the future of mining and leave a lasting positive impact on our communities and the planet.Bob WiltCEOMAADENStarting as a single gold mine,we are now a global leader in phosphate production,a regional leader in aluminium,and we are on the precipice of becoming a gl

146、obally significant gold miner.1,400 km2,we remain open to all options for as-sessing the full potential of our exploration assets,whether that be internally resourced exploration,or strategic part-Geoff DayCEOAL MASANE AL KOBRA MINING COMPANY(AMAK)nerships with other explorers who bring specific ski

147、lls and expertise to any given exploration target.An example of this innovative approach is our recent announcement of an exploration partnership with Power Metal Resources for nickel exploration in AMAKs Qatan exploration area.Identifying new exploration targets to secure a robust pipeline of miner

148、al resources for the future,and the launch of a new exploration drilling company are pillars of AMAKs growth plan.The new drilling entity will focus on supporting AMAKs expansive exploration activities fo-cused on bolstering our overall growth trajectory,as well as providing high quality exploration

149、 drilling services to other explorers seeking to leverage the substantial sup-port and incentives on offer by the Kingdom.Vision 2030 places high emphasis on sustainability.How is AMAK integrating ESG practices into its mining opera-tions and expansions?We recognize the importance of sustainability

150、and the in-tegration of Environmental,Social and Governance prac-tices as cornerstones of our operations.To this end,we have implemented environmentally responsible mining techniques,such as reducing waste and energy conser-vation.Socially,AMAK engages with local communities through job creation,tra

151、ining programs,and support for local businesses.Governance practices are also a priori-ty,with AMAK adhering to stringent regulatory standards and transparent business operations.These initiatives align with Vision 2030s emphasis on sustainability and ensure AMAKs contribution to the Kingdoms econom

152、ic development is both responsible and forward-looking.What message would you like to share with GBRs in-ternational audience about AMAKs alignment with Vision 2030?As Saudi Arabia works toward its Vision 2030 goals,AMAK stands as a prime example of how the mining sector can drive economic diversifi

153、cation and global competitiveness.Through strategic partnerships,technological innovation and sustainable practices,we are not only enhancing our operations but also contributing to the broader transfor-mation of the Kingdoms economy.AMAKs commitment to excellence,innovation and sustainability posit

154、ions us as a leader in the regions mining industry.With a clear vision for growth and a robust strategy for achieving it,we are well-poised to play a pivotal role in Saudi Arabias journey toward becoming a global mining hub.Identifying new exploration targets to secure a robust pipeline of mineral r

155、esources,and the launch of a new exploration drilling company are pillars of AMAKs growth plan.Could you please provide a brief overview of Tasnees business units?Tasnee operates through three strategic business units:Petrochemicals,Metallurgy and Downstream.Our Pet-rochemical is the core line of bu

156、siness andcovers prod-ucts such as polyethylene,polypropylene and acrylic products.Downstream focuses on products such as plas-tic pipes and pallets,packaging,agri-films,lead andcar batteries.The Metallurgy is all about the titaniumvalue chainwith investment in one of the worlds leading tita-nium di

157、oxide producers(Tronox)and operatingtwo ma-jor facilities,one in Jazan producing chloride titanium slag for the titanium industry and high-purity pig iron,and the second facility in Yanbu,which produces titanium sponge.The titanium sponge facility produces around 10%of the global titanium sponge cap

158、acity.How does Tasnee add value to Saudi Arabias mining landscape under Vision 2030?The Metallurgy strategic business unit is managed through our subsidiary AMIC.AMIC is strategic in providing the building blocks for the titanium value chain and support-ing Saudi Vision 2030.Tasnee has invested over

159、 US$2 bil-lion in developing the titanium value chain in Saudi Arabia,which we believe will be a game-changer for the Kingdom.We are working on bringing advanced technologies,cre-ating new capabilities,and helping build the local knowl-edge and expertise required for the titanium sector.It is a very

160、 significant step forward towards establishing a fully integrated titanium value chain in the Kingdom.How does Tasnee support the Kingdoms shift from oil and gas?The titanium industry diversifies the Kingdoms industrial base beyond oil and gas into sectors like mining and min-erals and specialized m

161、anufacturing.While it is capital in-tensive,we believe it is crucial for the Kingdoms long-term growth and diversification of the industrial base.The gov-ernmental support is critical to accomplish the integrated titanium value chain.The real opportunity in titanium lies in building a complete and i

162、ntegrated value chain,from mining to manufacturing,including forging and melting.We are already exporting titanium sponge to the US,but to unlock its full potential,we need to move further into titaniumdownstream businesses and partner with major OEMs like Boeing and Airbus.Additionally,Tasnee is en

163、gaged in manufacturing a blend of downstream products through its Downstream Fawaz M.Al FawazCEOTASNEETasnee has invested over US$2 billion in developing the titanium value chain in Saudi Arabia,which we believe will be a game-changer for the Kingdom.strategic business unit which diversifies Tasnees

164、 portfolio and supports the diversification of Saudi economy beyond oil and gas.We also work closely with global investors to bring the required technologies and technical expertise as well as training opportunities for the Saudis.Tasnee sent over 70 Saudi engineers to Japan to train with Toho,and o

165、ver 60 Saudi technicians went to South Africa for training with Tronox.Such hands-on experience is critical to develop-ing the skills we need locally and for the Kingdom of Saudi Arabia to become a global leader in this strategic industry.With Vision 2030 emphasizing sustainability,how does Tasnee e

166、mbrace it?We have prioritized aligning our operations with Saudi Vi-sion 2030,focusing on reducing our environmental impact and working towards decarbonization.We have set a clear goal to become carbon-free by 2060,which aligns with the Kingdoms broader objectives.This includes increasing energy eff

167、iciency,reducing waste,and shifting towards re-newable energy like wind and solar.One of our major initiatives is a comprehensive decarbon-ization plan.We have already seen some positive results,like a 4%reduction in emissions in 2023 and the first half of 2024.We are also working on better waste ma

168、nagement,capturing and recycling chemical waste to turn it into some-thing valuable rather than just discarding it.We also maintain a significant focus on the health,safety and development of our employees,ensuring they have the proper training and conducive environment to grow.We are committed to w

169、orking with our suppliers and cus-tomers to spread sustainable practices throughout our entire supply chain.Do you have a final message for GBRs audience?Our main focus is on operational excellence and driving growth,particularly in petrochemicals while strengthening the integrated titanium value ch

170、ain in Saudi Arabia.With key facilities like the ilmenite titanium smelter complex in Jazan and titanium sponge plant in Yanbu,Tasnee is ide-ally positioned to attract international players with their technologies,best practices and investment to contribute towards the diversification of the Saudi e

171、conomy in con-formi-ty with Saudi Vision 2030.The geographically strategic stable location,world-class infrastructure,and investor-friendly policies of the King-dom present immense opportunities for foreign and local investments.24 25 INTERVIEWINTERVIEWGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|S

172、AUDI ARABIA MINING 2025Al-JawfTabukHailAl-QassimAseerJazanNajranRiyadh RiyadhAl-BahahNorthern Borders(Hudud Ash-Shamaliya)Al-Madinah Al-MunawwarahMakkah Al-MukarramahEastern Province(Al-Sharqiya)Red SeaAMAKAl Masane mineGuyan gold mine18SAUDI GOLD REFINERYHamda gold mine2019Copper,Zinc,Silver,GoldGo

173、ldGoldMAADENAd Duwayhi mineAl Amar mineBulghah mineSukhaybarat mineAs Suq mineMahd Ad Dhahab mine123456Mansourah-Massarah mineAl Hajar mine*Jabal Sayid copper mine Al Baitha bauxite mineAl Ghazalah mine7891011Az Zabirah bauxite and kaolin mine12Al Madinah Al Munawarah magnesite calcination plantWaad

174、 Al Shamal Industrial CityRas Al Khair Industrial CityAl Jalamid phosphate mineAl Khabra phosphate mineGoldGoldGoldGoldGoldGold Gold-CopperAluminumHigh grade magnesite oreLow grade bauxite and kaolin clayCaustic calcined magnesia and dead burned magnesiaPhosphatePhosphatePhosphatePhosphate1314151617

175、*closed in 20151820576234911131417161512101918Key Mines and Industrial Facilities in KSASources:Maaden;Saudi Gold Refinery;AMAK;Mindat26 27 GBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025MAPMAPIn 2006,a small junior mining company with a market cap of AU$15 million(around US$9

176、.7 million)was able to raise US$350 million in equity markets and later be acquired for US$1.35 billion by Equinox Minerals,which was subsequently acquired by Barrick Gold.This gave the mining giant complete control over Jabal Sayid,the now-operating copper mine under the joint venture with Maaden(M

177、aaden Barrick Copper Company).That is how Ins Scotland,executive chair of Metal Bank,shared the story of Citadel Resources,that small junior.It is easy to look at the result,but the journey involved countless steps and extensive groundwork over five years,she said.Before diving into the past,it is b

178、etter to start by men-tioning that Ins Scotland,along with the team that ad-vanced the Jabal Sayid project,is re-entering Saudi Ara-bia with a new strategy after applying for and winning an exploration license for the Wadi Al Junah site in Aseer,which contains copper,zinc,silver and gold.This was pa

179、rt of the sixth round,announced by the Ministry of Industry and Mineral Resources in November 2024.Much has been written so far about Vision 2030,and much more will be written about the Saudi governments support for the sector in the following pages.However,Scotlands experience serves as a benchmark

180、 for assess-ing how the industry was back then and how it is today.According to the executive director of this Austra-lian-based company,when they first entered Saudi Ara-bia through Citadel Resources,Maaden was the only active mining company,with four operating mines.Today,it has seven.The governme

181、nt was also differ-ent back then,as a deputy ministry handled mineral resources under a larger petroleum ministry.Despite the differences between then and now,Scotland still maintains that they saw the commitment we all hear about today,having allowed the company to complete drilling and pre-feasibi

182、lity and feasibility studies in just five years:“Today,things are very different,with the government offering incentives up to roughly US$1.5 million per 100 m2,which make it financially viable to test deeper IOCG-style deposits that could lie 300 m or more below the surface.These deep holes are hig

183、h risk and also very costly.Such support is transformative,especially for deep drilling in the Arabian Shield,which has little exploration below 100 m,”she added.This incentive mentioned by Scotland is part of the governmental Exploration Enablement Program(EEP),an initiative launched in April 2024

184、to boost mineral ex-ploration.The EEP is a bi-ministerial program managed by the Ministry of Industry and Mineral Resources and the Ministry of Investment.It promises to provide access to SAR 685 million(around US$182 million)in incentives to stimulate mineral exploration activities in strategic and

185、 critical minerals,improve geological knowledge,identify new frontiers of mineral potential in greenfield areas,and expand the capabilities of local talent.To ap-ply for the EEP,companies must hold an active explora-tion license for Class A minerals under the new Mining Investment Law,focus on green

186、field exploration sites,and run the program from 2024 to 2030.It will finance up to 25%of approved exploration costs,with a cap of SAR 4 million(US$1.06 million)and additional labor funding of up to SAR 3 million(US$800,000).Alan Davies,CEO of Moxico Resources,also comment-ed on how the Saudi govern

187、ment has been a“tremen-dous ally”with programs like the EEP,which have been of“much help.”Moxico jumped from Zambia,a jurisdiction where they brought the Mimbula copper mine into production and are currently ramping up operations,to partner with local Ajlan&Bros and become one of the first companies

188、 to par-ticipate in the bidding rounds organized by the ministry.In 2022,they won the bid for the Khnaiguiyah zinc-copper project.“As we prepare to initiate the construction phase,we are in advanced discussions with the Saudi Industrial Development Fund(SIDF)to secure the final funding pack-age.We a

189、re just awaiting the final signoffs from the expert panel advising the SIDF,with expectations to close this financing in the first half of 2025.Once the full financing package is secured,we will move into construction of the main plant a zinc and copper concentrator that will pro-duce concentrates f

190、or both metals,”added Davies.Development,Exploration and TradingHoney to the beesImage courtesy of ScaniaLets explore.EXPLORING THE ARABIAN SHIELD TO SUPPORT KSA VISION 2030&OMAN VISION 2040Were exhibiting at the Future Minerals Forum 14-16 JAN 2025 AIM:POWOTCQB:POWMFThe missing piece:An incubator f

191、or Saudi Arabias junior marketWhile we can say that Saudi Arabia might hold the title of the capital of the Super Region,we can be sure that To-ronto is the capital of the junior world because it is home to the TMX and the TSX-V,where juniors can raise capital,grow and,eventually“graduate”to the TSX

192、,the senior market.“Over 300 mining companies listed on TSX be-gan as juniors,a feat few other markets can match.Even with challenging equity conditions,miners raised CAD8.5 billion in the first nine months of 2024,including CAD5 billion from junior companies alone.These companies operate not just i

193、n Canada but across Latin America,Af-rica Australia and other key jurisdictions,”commented Graham Dallas,head of business development,Europe,Middle East and Africa,Toronto Stock Exchange and TSX Venture Exchange.In October 2024,the Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef

194、 met with TMX CEO John McKenzie and TMX President Louis Anastasopou-los to discuss opportunities for cooperation.One of the key points the Saudi junior segment hoped they would address was the establishment of a local junior market.“While financing options are improving,there is still room for growt

195、h,such as the potential establishment of a junior stock exchange.Listing on the Saudi exchange poses chal-lenges for junior explorers due to requirements like three years of profitability,which is often not feasible for as-set-focused companies like ours,”explained Sean Wade,CEO of Power Metal Resou

196、rces,an exploration-incubator exploring in KSA under its local subsidiary Power Arabia.In fact,there is always room for improvement in any jurisdiction.In the case of KSA,Power Metal views the situation as an“incredible opportunity for foreign invest-ment,”particularly after signing an MoU with the

197、Minis-try of Investment nearly a year ago.“We have received outstanding support from the government,which has facilitated key introductions and helped us navigate lo-cal processes efficiently.Strong government relations are crucial in any country,but they are significant in KSA,given the focus on Vi

198、sion 2030,with mining positioned as the third pillar of the economy,”he added.It seems that the lack of a local junior market is offset by governmental support.That is what John Webster,CEO of Gold and Minerals,told GBR.The company,which operates out of Bisha,is developing the Jibal Qutman gold proj

199、ect,which is close to being production ready,as Webster stated,and the Hawiah deposit,a larger site that holds gold,copper,silver and zinc.When he was asked how his job as a CEO differed in Saudi Arabia compared to more mature mining jurisdic-tions,at least on the financing side,he responded that hi

200、s experience in Canada showed him how the cyclical-ity of the market is supported by mechanisms like flow-through financing:“Therefore government incentives,like SIDF,are critical here.They help offset the lack of established equity financing options,”he commented,adding:If a project meets internati

201、onal and bankable fea-sibility standards,SIDF can provide loans at com-petitive interest rates,covering up to 75%of the project valuea level of support virtually unheard of elsewhere.I have spent over 40 years in the mining industry and led We want to list on the TSX by mid-2025 and explore a dual l

202、isting on Saudi Arabias Junior Exchange,making ANS the first company listed in both Canada and Saudi Arabia,enabling direct Saudi investor participation.Christopher Schmidt CEOANS EXPLORATION28 29 EDITORIALGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025EDITORIALcompanies since

203、 the mid-90s,and I have had to be fo-cused extensively on fundraising.Here,my job is primar-ily fo-cused on rapid project development optimization and development of in-house skills.An integrated supply chain Mining nationalism,or what I prefer to call supply sov-ereigntythe integration of upstream,

204、midstream,and downstream sectorsis not exclusive to KSA.Similar paths are being attempted in countries like Canada and the United States through their respective policies.The main difference lies in the pace of progress.“Saudi Ara-bias role in the energy transition is not limited to the mining of cr

205、itical minerals but also includes the devel-opment of a comprehensive hub for mineral processing.Through the building of smelting and transformation capacities to supply global markets,the country is on its way to becoming a central economic and geopolitical actor in the global mineral processing ch

206、ains As the supply of critical minerals has become a global concern,Saudi Arabias push to become a mineral exploration and processing hub could help diversify supply chains and offer more security for the global transition to clean energy,”commented Rmi Piet,co-founder and senior partner,Embellie Ad

207、visory.Regarding integration,Luke Fitzgerald,CEO of EV Metals Group,has much to share.Through their mine-to-refine strategy,the company operates various sub-sidiaries that connect upstream mining assets with mid-stream refining,creating an integrated supply chain for critical minerals to produce hig

208、h-purity battery chemi-cals at a lithium refinery in KSA.“The Lithium Chemical Plant(LCP)in Yanbu Industrial City is the first of its kind in the region,designed to serve as a midstream hub and a cornerstone of the Kingdoms industrial diversification efforts under Vision 2030,”he explained.The LCP i

209、s in advanced pre-development,with front-end engineering progressing well,and now the company is working to secure equity and debt financing,aiming for the final investment decision and construction by late 2025,with production expected by late 2027.For Fitzgerald,geography is crucial:“KSA is ideall

210、y positioned to become a midstream hub for processing of critical minerals,with growing domestic demand and proximity to key growth markets including Europe,Turkey,the Gulf region,and India.As the Kingdoms mining sector ma-tures and local demand increases,the country is mak-ing significant strides i

211、n developing a comprehensive EV supply chain and supporting ecosystem,”he added.Open Mineral identified an opportunity to digitize the upstream base metals value chain within this integrated downstream-to-upstream model.Using AI,they connect mines,refineries,and engineering firms while providing ins

212、ights into financing,pricing and market conditions.Their approach blends technology and AI with the tradi-tional business of trading.“Our system considers factors like financing options,product pricing that accounts for fluctuating market conditions and regional arbitrage op-portunities,giving mines

213、 and smelters the insights they need for informed decision-making on future business strategy,”commented Johan Knapp,business develop-ment,ores and concentrates.According to Boris Eykher,co-founder and CEO of Open Mineral,this kind of technology benefits verti-cally integrated mines and smelters.By

214、inputting all costs into one system alongside true market terms,they can determine the optimal production path to en-hance profitability.He added:“To really add value in an industry dominated by giants,you need to go beyond the basics and offer something extra.Technology has become the natural next

215、step for the industrys evo-lution,yet large,established companies often struggle with experimenting.”Saudi Arabia alone cannot meet the demand for the minerals required to achieve its vision of an integrated supply chain.To succeed,it will need allies within the Super Region,where it serves as a lea

216、ding voice,and from other global partners.To this end,the Public In-vestment Fund and Maaden have established Manara Minerals,which they describe as the trading arm,to ac-quire stakes in overseas assets.Initially,Manara will fo-cus on investing in iron ore,copper,nickel and lithium,securing physical

217、 offtake of critical minerals to ensure supply security for domestic downstream sectors.So far,Manara Minerals has invested US$3.4 billion in Vale Base Metals Limited.What is the history behind Open Mineral,and what is its presence in the Middle East?BE:We founded Open Mineral in 2016 with former Gl

218、encore col-leagues to bring digitization into the metals industry,specifically metal trading and its supply chain,areas that lacked efficiency due to the sheer complexity and scale involved.Since then,we have grown to about 80 people across 12 offices,allowing us to stay close to suppliers and cus-t

219、omers like smelters.In 2022,after a capital raise led by Mubadala,we opened our first office in the Middle East,in Abu Dhabi.We are current-ly opening an office in Saudi Arabia.Over the past 24 months,we have done business with nine of the 10 largest companies in the mining sec-tor,which shows how w

220、ell-integrat-ed we are within the industry.Over the last five years,we have achieved over 50%annual growth in revenue and gross profit margins.How do you integrate technology and AI in a traditional business like trading?JK:Open Mineral has digitized the entire upstream base metals value chain.That

221、is mine-to-refinery and everything in between.This meansBoris Eykher and Johan KnappBE:CEO and Co-FounderJK:Business Development,Ores and ConcentratesOPEN MINERALOpen Mineral fits well within this ecosystem,combining the trading of raw materials with advanced technology,and aligning with Saudi Arabi

222、as vision to establish a robust industrial base.we can now deploy AI to this data and optimize commercial decision making and investment analysis.While this has typically benefited our trading business by enabling us to take market positions with limited risk,the technology we have devel-oped also b

223、enefits our customers,namely the smelters,mines and the engineering firms who build these types of assets.Our system considers factors like financing op-tions,product pricing that accounts for fluctuating market conditions,and regional arbitrage opportuni-ties,giving mines and smelters the insights

224、they need for informed de-cision-making on future business strategy.This sort of intelligence generates profitability with our pre-vious case studies showing typical uplift of 5-10%to net present value.This can be the difference between whether a metal-producing asset will be built or not that is cr

225、ucial in the green transition as demand of critical minerals rises.BE:Our technology also bene-fits vertically integrated mines and smelters.We can determine the op-timal production path to enhance profitability by inputting all costs into our system alongside true mar-ket terms.Machine learning eva

226、lu-ates raw materials based on recov-erable and penalized elements to maximize profitability.By predicting shifts in raw material costs and po-tential penalties with high accuracy,our system enables proactive deci-sion-making on which inputs yield the most profitable outputs.How can a company hire y

227、our ser-vices,and how do you add value?BE:Most often,companies will invite us to participate in tenders,where we submit competitive terms alongside other buyers.Alternatively,we offer a transparent marketing-as-a-service model for mines.In this setup,we handle all aspects of logistics,trade finance,

228、insurance,and other neces-sary components to deliver a com-plete end-to-end solution with full transparency for the mine.What makes the Middle East,es-pecially KSA,stand out?BE:The Gulf countries are develop-ing rapidly,and their governments prioritize economic transformation,industrial growth,and m

229、ining.The region also maintains strong connec-tions with emerging markets,includ-ing those in Africa and Latin America,opening new doors for us to expand.Besides,they also have substantial capital,which makes the Gulf a natu-ral strategic partner for many nations that need funding.Additionally,they

230、hold a neutral position,balancing ties with the Global South,the West,and China,which is crucial in trade as impartiality matters.Despite being a desert,the Gulf is genuinely an oasis of capital,opportunities,and a natu-ral trading hub.JK:What stands out about the Gulf countries,especially Saudi Ara

231、bia,is their ability to craft and execute a long-term vision.Globally,few can match their capability to turn ambi-tious plans into reality.Saudi Arabia,in particular,is blending traditional in-dustrieslike manufacturing and con-structionwith cutting-edge technol-ogies.Aramco,for example,is more than

232、 an oil company;it has heavily in-vested in technology and AI for indus-trial applications.Open Mineral fits well within this ecosystem,combining the trading of raw materials with ad-vanced technology and aligning with Saudi Arabias vision to establish a ro-bust industrial base.JKBE31 INTERVIEWGBR S

233、ERIES|SAUDI ARABIA MINING 2025EDITORIAL30 GBR SERIES|SAUDI ARABIA MINING 2025Can you introduce our audience to Power Metal Re-sources?Power Metal Resources PLC(AIM:POW)is an exploration company listed on the London Stock Exchange,operat-ing under the mining exploration incubator model.With a current

234、 market cap of around 18 million,we focus on early-stage exploration in tier-one jurisdictions,including North America,Australia,Saudi Arabia and Africa.Our business model centers on acquiring stakes in promising assets and improving their value through geo-physical surveys,soil sampling,exploration

235、 drilling,and other early-stage exploration activities.Once these as-sets reach a certain maturity,we aim for a crystallization event,which could involve an IPO,as we did with Guard-ian Metal Resources,joint ventures like the recent part-nership with UCAM for uranium projects,or asset dispos-al,such

236、 as the sale of our stake in Kavango Resources.What strategy is Power Metal following for its proj-ects in Saudi Arabia?We have been exploring the Arabian Shield through our subsidiary Power Arabia,covering both Saudi Arabia and Oman.So far,we have made progress by securing some promising deals,and

237、we are optimistic about bringing them to fruition soon.Our strategy involves partnering with existing license holders to help them advance their projects,which differs from applying for licenses inde-pendently,which is a bit more complex.For example,spending US$3 million on exploration over the next

238、 two years at AMAKs Qatan project will grant us a 49%stake.Now,if there is a significant breakthrough in the projects commercial viability,we can buy out the remaining stake.This scenario represents the crystallization event men-tioned earlier.Additionally,we have the Balthaga lithium project manage

239、d through RIWAQ,an Australian subsid-iary of EV Metals.In this case,we are looking at an in-vestment of up to US$500,000 across 15 licenses,which will secure us a 30%stake in the entire license area.This presents a significant opportunity for our shareholders to benefit from potential discoveries wi

240、thout fully fund-ing the project.Power Metal signed a Memorandum of Understanding(MoU)with Saudis Ministry of Investment.What are the benefits and a key challenge of mining in KSA?The MoU we signed with the Saudi Ministry of Investment Sean WadeCEOPOWER METAL RESOURCES KSA offers an incredible oppor

241、tunity for foreign investment,especially in mining,where openness to external partnerships has grown exponentially.What is Moxico Resources history and footprint?Moxico Resources is a company focused on exploration,development and operations.Since 2016,we have been building our portfolio in Zambia,a

242、cquiring several assets and bringing the Mimbula copper mine from the explo-ration phase to production.We are currently ramping up operations to produce 60,000 t/y of copper cathode,with several other properties in Zambia,including the Kalengwa copper project,also progressing from explo-ration to pr

243、oduction.When Saudi Arabia made mining a pillar of its Vision 2030,at Moxico,we saw a unique opportunity to expand,especially under new reforms introduced to encourage mining investment.As the Kingdoms largest mineral ex-ploration site,we were confident that the Khnaiguiyah project had significant p

244、otential and would play a crucial role in achieving Saudis strategic vision.We partnered with Ajlan&Bros and put considerable effort into our proposal,with a lot of focus on the projects environ-mental and social aspects.We were one of three bidders accepted in the final stage of the bidding process

245、 and,in September 2022,we won the bid for the Khnaiguiyah exploration licenses.More recently in October 2024,Moxico Resources ex-ecuted an investment to earn up to a 100%interest in two copper exploration assets forming the Esperanza project in the Province of San Juan in Argentina.Similar-ly to Sau

246、di Arabia,Argentina has adopted reforms that include incentive programs to help unlock the countrys mining potential.What factors influenced the decision to expand into Saudi Arabia?The Arabian Shield caught our attention,especially after reviewing the historical data and seeing the potential in the

247、 regions mineral wealth.As importantly,the trans-parent bidding process reassured us of Saudi Arabias commitment to building a sustainable and competitive mining sector,making the opportunity even more ap-pealing.We are not entirely jurisdiction agnostic a ro-bust local legal framework and promising

248、 geology must go hand in hand.Finding the right local partner was essential.Ajlan&Bros stood out not only for their well-established reputa-tion but also because they shared our interest in aligning with Vision 2030 as a driving force in the mining indus-Alan DaviesCEOMOXICO RESOURCES When Saudi Ara

249、bia made mining a pillar of its Vision 2030,at Moxico,we saw a unique opportunity to expand,especially under new reforms introduced to encourage mining investment.during the 2024 Future Minerals Forum has proven to be a critical step.We have received outstanding support from the government,which has

250、 facilitated key introductions and helped us navigate local processes efficiently.Strong government relations are crucial in any country,but they are significant in KSA,given the focus on Vision 2030,with mining positioned as the third pillar of the economy.KSA offers an incredible opportunity for f

251、oreign invest-ment,especially in mining,where openness to external partnerships has grown exponentially.While Maaden has historically dominated the sector,the Kingdom is trying to diversify to attract new investors.The FMF has evolved from a modest event to one of the worlds pre-mier go-mining event

252、s.KSAs experience in managing oil and gas operations provides a solid foundation for navigating the complexi-ties of mining,having mastered the balance between do-mestic interests and foreign investments.While financ-ing options are improving,there is still room for growth,such as the potential esta

253、blishment of a junior stock ex-change.Currently,listing on the Saudi exchange poses challenges for junior explorers due to requirements like three years of profitability,which is often not feasible for asset-focused companies like ours.Do you have a final message for investors interested in Power Me

254、tal?Investors considering Power Metal Resources PLC will notice our proven track record of delivering value.For example,our 45%stake in Guardian Metal Resources,which holds the largest undeveloped tungsten resource in the USA,showcases the success of our IPO strategy.The UCAM deal further highlights

255、 our ability to crystallize value and attract significant investment,leading to com-mercial discoveries that appeal to investors.We are now applying this model in Saudi Arabia and Oman,where our track record has already opened up exciting new opportunities.Securing financing for Pow-er Arabia will l

256、ikely bring additional positive news and results,significantly enhancing shareholder value.Al-though recent market conditions have been challenging,we are trading at a substantial discount compared to our intrinsic value.As UK market conditions improve,Power Metal presents a compelling,diversified i

257、nvestment in ti-er-one geographies focused on critical metals essential for the energy transition.try.As such,we established a 50/50 joint venture com-bining Moxicos technically driven approach with Ajlans deep-rooted local expertise and cultural strength.How have you advanced Khnaiguiyah,and when d

258、o you expect to begin constructing its plant?We recognized right away that the Khnaiguiyah area had promising occurrences of zinc,copper and manganese,which the geological mapping and analysis we conduct-ed confirmed.What stood out was the potential for both brownfield and greenfield exploration,pro

259、viding a clear path for development while also allowing room to uncov-er new resources.Additionally,we conducted extensive drilling to confirm the first phase of our resources and reserves at Khnaiguiyah and completed a bankable fea-sibility study.To date,Moxico Ajlan&Bros Mining has invested in exc

260、ess of US$100 million in the Khnaiguiyah project.As we prepare to initiate the construction phase,we are in advanced discussions with the Saudi Industrial Develop-ment Fund(SIDF)to secure the final funding package.We are just awaiting the final signoffs from the expert panel advising the SIDF,with e

261、xpectations to close this financ-ing in the first half of 2025.Once the full financing pack-age has been secured,we will move into construction of the main plant a zinc and copper concentrator that will produce concentrates for both metals.Concurrently,we continue to advance our plans for early expl

262、oitation of the manganese deposits at Khnaiguiyah and are on track to operationalize the manganese plant in the first quarter of 2025,funded entirely by Moxico and Ajlan,to supply the Saudi ferro-manganese industry.We are moving very fast;we promised the Government we would,and we have.How does Moxi

263、cos strategy and Khnaiguiyah fit un-der Vision 2030?KSA is diversifying into other key minerals like lithium for the automotive industry,and the programs main goal is to boost self-sufficiency in critical mineral supplies.This strategy aligns perfectly with Khnaiguiyahs zinc,copper,and manganese pro

264、duction.KSA currently imports large quantities of these metals,so establishing a local production base will strengthen the domestic supply chain and supports Vision 2030s goals.We are also conducting a feasibility study for a zinc smelt-er to process material from the Khnaiguiyah project.32 33 INTER

265、VIEWINTERVIEWGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025When did Greyridge enter Saudi Arabia?We are a Canadian mining exploration company focused on precious and base metals.We are exploring solely in Saudi Arabia.Our vision is to be-come Saudi Arabias preeminent explorer

266、,with a mission to discover the next world-class copper and gold deposit,and support development of the rapidly expanding mining sector,in line with Vision 2030.We recently entered the market through acquisition of ERGs highly pro-spective assets in Saudi to become the largest foreign holder of expl

267、oration licenses in the country.We own 25 licenses covering just under 2,000 km2.Our main assets are at Ad Dawadimi and Al Amar,both of which lie on,or are near to,defined gold and VMS mineral belts that contain highly prospec-tive ground for intrusion related gold,orogenic gold,polymetallic epither

268、mal mineralization,and copper-rich VMS deposits.Our licenses border Ivanhoe and Maaden,and are close to geological structures,mines and known min-eral occurrences,so we are certainly in the right neighborhood.What work has been done in the areas Greyridge currently owns?The assets are early-stage ex

269、ploration.We are picking up from where ERG left off,and building on their targeting work,we are now conducting further geological sampling and mapping.What factors made Greyridge focus only on Saudi Arabia?We entered Saudi for three main reasons:first,its immense geological pro-spectivitymetals and

270、minerals in the country are largely underexplored;second,the hugely ambitious mining sector reforms under Vision 2030;and third,the unrivaled investment incentives for junior explorers like Greyridge.Are you planning to tap into the Enablement Exploration Program?Absolutely,though we haven not used

271、it yet.Greyridge only entered the mar-ket in October,so it is still early days.In the next window we will apply to recover part of our technical and labor costs,which will reduce both our OpEx and dilution for shareholders.Michael BradleyCEOGREYRIDGE EXPLORATIONDoes Metal Bank aim to replicate its s

272、uccess with the Jabal Sayid dis-covery?We have a three-tier strategy:First,we are establishing a joint venture,CMC,in partnership with Central Mining Holding Company from Sheikh Khaled al-Qahtani,with whom we partnered back when we were developing Jabal Sayid.With this JV,where Metal Banks holds a 6

273、0%share,we have recently been awarded Wadi Al Junah in Licensing Round 6.Second,we are identifying areas with significant potential for copper and other critical minerals.Finally,alongside our application efforts,we are also exploring joint ventures with companies already established in the region,w

274、hich gives us a diverse ap-proach to grow our footprint.What makes the Arabian Shield more attractive for exploration?Despite its history,which dates back to King Solomons source of gold,the Arabian Shield is a geological treasure trove that remains largely untapped in terms of modern exploration.Fr

275、ench and American geological teams ex-plored parts of the mid-20th century,but their work was limited and shallow,leaving much undiscovered.Jabal Sayid is an excellent example of the shields potential.The mine alone holds over 55 million tons of copper at 2.5%,proving that KSA has the projects and t

276、he resources ready for those willing to invest.What are the next steps for Metal Bank in the KSA?We applied for four exploration licenses in round six and are also exploring JVs with local mining companies.By early 2025,we want to be well-prepared for field activities.Our geologist is already on the

277、 ground doing preliminary reconnaissance,setting us up to start our programs just before the heat of July and August.Based on our previous experience,night drilling works well under Saudis climate.Typically,we would start around 5 pm and continue until morning,around 7 or 8 am,then take a break duri

278、ng the day.Ins ScotlandExecutive ChairMETAL BANKWhat is EVMs“mine-to-refine”strategy,and how are you imple-menting it?Through our special purpose subsid-iaries,we are advancing our“mine-to-refine”strategy by connecting up-stream mining assets with midstream refining,creating an integrated sup-ply ch

279、ain for critical minerals to pro-duce high purity battery chemicals.EV Metals Arabia,subsidiary in the Kingdom,is leading this strategy by developing a lithium refinery to pro-duce battery-grade lithium chemicals.As our flagship project,the Lithium Chemical Plant(LCP)in Yanbu Indus-trial City is the

280、 first of its kind in the region,designed to serve as a mid-stream hub and a cornerstone of the Kingdoms industrial diversification efforts under Vision 2030.Currently,our focus is on advancing the LCP while laying the groundwork for future integration with upstream projects.In the short term,we are

281、 se-curing agreements with global suppli-ers of spodumene concentrate.Over the long term,we aim to diversify the LCPs feedstock by participating in and owning mining mineral resources,alongside progressing our current up-stream exploration activities.Luke FitzgeraldCEOEV METALS GROUPCould you briefl

282、y introduce us to Gold and Minerals?A number of years ago,we secured initial Exploration Licenses and made major discoveries at the Jibal Qutman and the larger Hawiah projects.The team moved these projects from grass-roots targets to Indicated and Inferred Mineral Resources.We expect to rapid-ly adv

283、ance both projects into produc-tion over the next four years.Being a discovery-led company,we have de-veloped a portfolio of 14 other Explo-ration Licenses with one of the most successful exploration teams in KSA.What factors make Jabal Qutman the likely starting point for production?Jabal Qutman ha

284、s six open pits con-taining mineable resources,offering a straightforward processing plan with high gold recoveries.These advan-tages make it an ideal candidate for fast-tracking into production.Hawiah is a much larger project with resources in excess of 30 million tons of polymetallic ores.Three ph

285、ase de-velopment is planned,starting with a six-year mine life for the oxidized ores and expanding to a 15-year life John WebsterCEOGOLD AND MINERALSfor deeper resources,with additional exploration to extend resources,both along strike and down dip.Why is the proactive attitude of Saudi authorities

286、significant for mining development?In KSA you will find educated,helpful,pleasant professionals who make per-mitting and compliance straightfor-ward,highly interactive and personable.How does your job as a CEO differ in KSA compared to other jurisdictions?Saudi Arabia offers a unique and re-markable

287、 financing system through the SIDF(Saudi Industrial Development Fund).If a project meets internation-al and bankable feasibility standards,SIDF can provide loans at competitive interest rates,covering up to 75%of the project valuea level of support virtually unheard of elsewhere.Hav-ing spent over 4

288、0 years in the mining industry and led companies since the mid-90s,and I have had to be focused extensively on fundraising.Here,my job is primarily focused on rapid proj-ect development optimization and de-velopment of in-house skills.Why is Saudi Arabia strategically positioned for the EV supply ch

289、ain?The Kingdoms competitive energy costs,skilled labor,and solid infra-structure create a strong foundation for high value refining projects such as EVMs LCP project.In addition,the government offers substantial support through incentives and ini-tiatives,such as the Saudi Industrial Development Fu

290、nd(SIDF),providing debt financing and investment oppor-tunities,backed by commercial lend-ers and access to equity investors.What are some developments at EVMs Balthaga exploration project?Through our Saudi mining subsidiary,RIWAQ Al Mawarid for Mining,we hold 13 tenements spanning 1,300 km2,providi

291、ng significant exploration opportunities in the underexplored and highly prospective Arabian Shield.Our geological team has suc-cessfully completed initial reconnais-sance programs,collecting rock chip samples from priority targets for geo-chemical analysis.These early find-ings have established a s

292、olid basis for understanding the mineral potential in the region and for planning the next phases of exploration.34 35 INTERVIEWINTERVIEWGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025Al Hajar Belt1,896 km2.The area includes base and precious metals such as copper,zinc and gol

293、d.Licenses available:2Al Hajar North:906.89 kmAl Hajar South:988.67 kmJabal Sayid Belt2,892 km2.The area includes base and precious metals such as copper,zinc,lead,gold and silver.Licenses available:3License 1:1,037.70 kmLicense 2:1,061.04 kmLicense 3:793.54 kmFIRST ROUNDSECOND ROUNDTHIRD ROUNDFOURT

294、H ROUNDFIFTH ROUNDSIXTH ROUNDSEVENTH ROUNDCommoditiesArea(km2)WinnerUmm Ad DamarAr RidaniyahMuhaddadUmm HadidJabal Sabahiyah Bir UmqAl HalahilahJabal QaranMakman HejabAn NimasAl Miyah(Shaib Burayk)Al HajirahUmm QusurWadi Ad Dawsh(Al Farah)Shaib MarqanWadi Al JunahHazm ShubatHuwaymidanWadi al LithJab

295、al BaudanJabal SabhaJabal Al Ad DimahJabal al Klah NorthJabal al Klah SouthUmm Hijlan(Mamilah)KhnaiguiyahCu(Ag,Zn)Zn Cu(Pb,Zn,Au)(Pb,Zn,Cu)Zn(Pb,Cu,Fe)Cu(Zn)Zn,Cu(Pb,Au)Au,Cu,Zn,Ag(Pb)Au,AgAu,Cu(Ag,Zn,Ni)Cu,Au(Zn,Pb,Ag)Ag,Cu,Zn(Pb,Au)Au,Ag(Pb,Zn)Au(Ag,Cu)Au(Ag,Cu)Ag,Cu(Zn,Au)AuAuAuAu(Cu,Ag)Ag,Pb,ZnA

296、u(Cu,Pb,Zn)Ag,Pb,ZnAg,Pb,ZnAg,Pb,ZnZn(Cu)40441524628318734.7057.72118.40222.22234.4427420157.7691.81425.3793.4734243.87244.92171.50210.9098.159.2178.40353Maaden and BarrickMaadenMaadenSumou Holding and Kuya SilverMSB and Royal RoadAbilitii(Ajlan&Bros)and NorincoDiscovery Arabian Mining CompanyAMAKEq

297、leed Group and Indotan Mining Company MaadenRoyal Road Arabia CompanyAMAKANS Exploration and Odyssey Metals LimitedGold and Minerals Limited Company(GMCO)Auking and Barg Alsaman Mining CompanyMetal Bank Limited and Central Mining Holding CompanyRWAKED and MasharefMidad Almona and Tinka ResourcesAjla

298、n Bros&Moxico Resources2345678910111213141516171819202122232425261Makkah al-Mukarramah CityJeddahAl-Madinah al-MunawwarahMAKKAH AL-MUKARRAMAHAL-BAHAHASEER J A Z A NNAJRANRIYADHAL-QASSIMTABUKHAILAL-MADINAH AL-MUNAWWARAH3427165131112261025162422141517202321181989Rounds of Exploration Licensing for Min

299、ing Sites and Mineralized Belts36 37 GBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025MAPMAPSERVICE PROVIDERSGrahame NelsonPartner and Head of KSA OfficeAL TAMIMI&COMPANYGBR Series SAUDI ARABIA MINING 2025Image courtesy of OricaThere is a common idea that it is tough to do busin

300、ess here,but that is not the case.Saudi Arabia offers great opportunities,and the investment climate is more welcoming than many people realize.The mining sector in Saudi Arabia is largely dominated by three major players,Maaden,Saudi Gold Refinery and AMAK,with Maaden holding a much larger share.Th

301、is consolidation not only shapes core mining op-erations but also influences the ecosystem of service providers.For example,with the current surge in ear-ly-stage exploration activities,consulting and contract-ing firms handling exploration,drilling and geophysics are experiencing a noticeable boom.

302、However,it raises questions about how engineering firms navigate this landscape,especially the new ones.While many international companies are eager to es-tablish a foothold in Saudi Arabia,does consolidation make the market more challenging than elsewhere?How competitive is the market and is there

303、enough room for everyone,especially newcomers trying to se-cure contracts?Mapping out the Easter egg huntInternational firms,alongside local players,have joined forces with either the Ministry of Industry and Mineral Resources or the Saudi Geological Survey(SGS)to sur-vey and map the Arabian Shield.

304、Historically underex-plored but considered a“marvel”or“treasure trove”by many,the Shield remained largely unnoticed until 2020.That year,Minister Bandar Ibrahim Alkhorayef,head of the Ministry of Industry and Mineral Resources,with the SGS,launched the Regional Geological Survey Program(RGP)to surve

305、y approximately 600,000 km2 of the Ara-bian Shield over six years,bringing its potential into the global spotlightor more on the radar.Four years later,GBR interviewed Abdullah bin Moftar Al-Shamrani current CEO of the SGS,who high-lighted the progress made so far:“The Arabian Shield covers an area

306、of approximately 630,000 km2,and we have successfully mapped about 85%of the Shield through our recent geological initiatives and accelera-tion programs.We operate a fleet of 10 airplanes spe-cialized in airborne geophysical surveys,data of which will be integrated with over 85,000 collected stream

307、sediment samples to evaluate mineral resources within the Arabian Shield.The Minister of Industry and Miner-al Resources has announced that the estimated value of these resources in the Kingdom of Saudi Arabia is US$2.5 trillion.”To attract investment,especially foreign,SGS has pri-oritized the digi

308、tization of geological data through the National Geological Database,which is intended as an investor-friendly platform that connects users world-wide to assess geological information for potential li-censes.“Over the past three years,it has attracted more than 90,000 visitors,and our geological dat

309、abase is now ranked third in the world,”said Al-Shamrani.Abdullah Al-Attas,general manager of Geotech Ara-bia,founded the company in 2017 after retiring from SGS with a vision to serve both the public and private sectors in the Kingdom.Describing Geotechs role in the consortium,he stated:“Geotech is

310、 the technical part-ner and vital link between the local and international companies in this consortium,ensuring the quality and accuracy of the data collected,overseeing the bidding process,and collaborating closely with SGS to guaran-tee the project meets high-quality assurance and con-trol standa

311、rds.”For Xcalibur Smart Mapping,a Spanish company spe-cialized in airborne and marine geophysics,the RGP marked its entry into the Saudi market.Daro Castel-lanos,the companys general manager for the Middle East,shared:“The task we took on is huge,about the size of Spain.Right now,we have six aircraf

312、t working in the region and have already mapped most of it,leaving just a small percentage of the project to finish,which we plan to wrap up by the end of 2024 or the first quar-ter of 2025.Beyond data collection,we are also working with the SGS to help interpret the data,and the results will be pub

313、lished on the SGSs NGD portal.”The early-stage nature of Saudi Arabias mining sec-tor,boosted by government efforts to accelerate explo-ration,presents abundant opportunities for consultan-cies and geophysics companies.“There is currently a large focus on mineral exploration and development in line

314、with the clear and ambitious economic diversifica-Service ProvidersConsolidation and sophisticationImage courtesy of Darkstonetion foundation of the 2030 vision.While there is a large quantity of historical and recently collected geological and exploration data,the full endowment potential of the co

315、untrys mineral resources is yet to be fully deter-mined,”commented Mark Campodonic,corporate con-sultant at SRK.Castellanos(from Xcalibur)agrees with Campodonic,emphasizing the sectors immense potential.He also highlights how this is particularly advantageous for companies like Xcalibur,as their ser

316、vices play a crucial role by providing high-quality data that helps reduce risks and costs for mining projects.“If we continue to succeed here,we are looking to set up an Xcalibur Lab in Saudi Arabia,a research and development hub fo-cused on pushing new tech-forward for our industry,”he concluded.P

317、roviding investors with information MSA is a consultancy specialized in geology,environ-mental services and mining.According to Antony Ben-ham,the companys regional director,in 2022,MSA partnered with Al-Rushaid Group to establish MSA Ara-bia in Jeddah to strengthen ties with clients.“We have noted

318、a surge in activity and inquiries about explora-tion and mining opportunities in Saudi Arabia both from large international producers and juniors alike.The Saudi Ministry of Industry and Minerals has done a remarkable job promoting the countrys geological potential to investors and drawing attention

319、 to KSA.I have personally been involved from the early stages,including assisting with the first auction process and identifying prospective areas for investors.Much of our recent work for our clients in KSA has focused on ear-ly-stage exploration,including prospectivity analysis,license application

320、s,Mineral Resource Estimations and Competent Person reporting.”MSA has been collaborating with the SGS and Gold-en Compass on the Accelerated Exploration Program.This initiative,described by SGS CEO Abdullah bin Moftar Al-Shamrani as a“forecast initiative,”is designed to equip investors with detaile

321、d geological insights.By conducting drilling,mapping,and sampling in tar-geted areas,the program aims to achieve a high lev-el of confidence,providing data with 90%accuracy to support informed investment decisions.“The winner of the auction can immediately begin exploration and,eventually,move on to

322、 extraction.This accelerates the transformation of the site into a functioning mine.The Accelerated Exploration Program is part of a long-term tender covering geophysics,geochemistry,and geologi-cal mapping.The process begins with geochemical and geophysical analyses,with geological mapping serving

323、as the final phase,”concluded al-Shamrani.The desert stretches as far as the eye can seeThe third protagonist of the Accelerated Exploration Program is Golden Compass,founded and led by Me-shary Al-Ali.Reflecting on the companys growth,Al-Ali shared that in just 10 years,Golden Compass evolved from

324、a small consultancy into Saudi Arabias largest drilling and mining services provider.Starting with a sin-gle diamond rig,the company plans to operate 40 rigs by 2026 and 106 rigs by 2035.For Al-Ali,the appeal of the Accelerated Exploration Program does not lie in the size of the contract but in the“

325、unique challenges it brought”that allowed Golden Compass to demonstrate its capabilities while navigat-ing complex and demanding exploration conditions.“This project is also tied to our consulting services and laboratory business unit,especially through our part-nership with SGS.This collaboration i

326、ncreases our pres-ence in the mining value chain and strengthens our brand,”he commented.As one of the largest contractors in Saudi Arabia,Al-Ali was asked how the anticipated mining boom might reshape the local market.He noted a significant shift:before 2022,only four companies specialized in min-i

327、ng services were registered in the Kingdom,but to-day,that number exceeds 22.Al-Ali pointed out that international firms entering the market often face challenges,such as unexpected pricing variations,which could deter investment.Despite these barriers for international players,Al-Ali offered an opt

328、imistic perspective at least for those foreign companies that want to establish themselves in KSA.He expects more companies to enter the market in the coming years,increasing competition.“There is a risk that some companies might adopt surface-level changes just to appear competitive.Balancing these

329、 dynamics is key to achieving sustainable growth in the local mar-ket,”he warned.45 We are opening a new geochemistry lab in Jeddah in Q2 2025 through a joint venture with Golden Compass.With 5,000 m2,it will feature top-of-the-line technology tailored to support KSAs Vision 2030 by advancing the mi

330、ning sector.Samih Ayadi Managing Director KSA SGSEDITORIAL40 41 EDITORIALGBR SERIES|SAUDI ARABIA MINING 2025GBR SERIES|SAUDI ARABIA MINING 2025Meshary Al-AliCEOGOLDEN COMPASSKSA presents a golden opportunity for investing in mining.Only around 30%of KSAs mining resources have been explored,and the g

331、overnment has passionately committed to the sector.Steven Little,Founder and CEOMASSAR BUSINESS SOLUTIONSEstablishing a business in KSA takes about three months and companies need a strong track record to qualify,including audited financials and demonstrated capabilities.While a local partner is not

332、 mandatory,it can be advantageous for gaining insights and easing the transition.Saudi 101:The Insiders Guide to Mining Opportunities(and Challenges)Abdullah Al-Attas,General ManagerGEOTECH ARABIA If you come visit KSA,you will see firsthand how important mining is to the government.The transparency

333、 and the attractive regulatory framework make the industry very appealing to new investors.Elhamem M.Abdalla,CEOBARG ALSAMAN MINING COMPANYOne advantage is the governments support through financial assistance programs through the EEP.If your company meets the criteria,the Government can provide up to SAR 7 million in funding to support exploration activities.Grahame Nelson,Partner&Head of KSA Offi