Daijiworld Media Network – Saudi Arabia

Saudi Arabia , Dec 11: In a significant boost to Saudi Arabia’s rapidly expanding mining sector, the Saudi Arabian Mining Company (Ma’aden) and Almasane Alkobra Mining Company (AMAK) have entered into a strategic agreement to exchange a select set of exploration licences — a move aimed at speeding up mineral discovery and strengthening the Kingdom’s ambitions under Vision 2030.

Both companies identified that certain exploration areas held by each were better suited to the other’s operational strengths. As part of the agreement, Ma’aden transferred specific licences to AMAK, while AMAK handed over some of its licences to Ma’aden. This mutually beneficial exchange ensures that each company now controls exploration zones that align more closely with their long-term project plans and technical capabilities.

AMAK’s CEO, Eng. Geoff Day, highlighted that the exchange is a smart and forward-looking step that improves efficiency and enhances the pace of exploration. Reports from Maaal and Zawya describe the move as an effective way to minimise delays, avoid duplication of efforts and ensure that promising sites are developed by the most suitable operator.

This exchange comes at a time when Saudi Arabia is intensifying efforts to position mining as the third pillar of its national economy. The Kingdom holds over $2.5 trillion worth of mineral resources, including gold, copper, zinc and critical minerals essential for electric vehicles, battery technology and renewable energy infrastructure. With the government pushing for rapid expansion in the sector, such strategic collaborations are crucial to unlocking the country’s mineral wealth at a faster pace.

The exploration areas involved in this swap are focused on both precious and base metals. Faster progress in these regions is expected to strengthen Saudi Arabia’s standing as a reliable global supplier of minerals needed for modern technologies and green energy systems.

AMAK noted that this exchange also opens avenues for future joint opportunities between the two companies, reinforcing the national mining strategy under Vision 2030. As the mining sector continues to grow, deals like this will play a key role in building a diversified, resilient and high-growth economy for the Kingdom.