Saudi Arabia has a growing mineral exploration sector, driven by the country’s Vision 2030 initiative to diversify its economy beyond oil. Several local and international companies are involved in mineral exploration, particularly for gold, copper, zinc, phosphate, and rare earth elements. Here are some key players:
1. Saudi Arabian Mining Company (Ma’aden)
– Focus: Gold, copper, zinc, phosphate, bauxite
– Details: The largest mining company in Saudi Arabia, Ma’aden is state-controlled but publicly traded (Tadawul: 1211). It operates major projects like the Mansourah-Massarah gold mine and the Wa’ad Al-Shamal phosphate project.
2. Barrick Gold Corporation (Joint Venture with Ma’aden)
– Focus: Gold
– Details: Canadian mining giant Barrick Gold partners with Ma’aden in the Jabal Sayid copper mine and other exploration projects.
3. Ivanhoe Electric Inc.
– Focus: Copper, gold, nickel
– Details: U.S.-based Ivanhoe Electric signed a $126 million joint venture with Ma’aden to explore for critical minerals using advanced geophysical technology.
4. Alara Resources Limited (ASX: AUQ)
– Focus: Copper-zinc
– Details: An Australian company developing the Khnaiguiyah zinc-copper project in Saudi Arabia.
5. Citic Metal & Alara Resources
– Focus: Copper
– Details: A partnership working on copper exploration in Saudi Arabia.
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6. United Arabian Mining Company (ARMICO)
– Focus: Industrial minerals
– Details: A government-backed entity exploring for various minerals.
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7. Lumiere Minerals & Mining
– Focus: Gold exploration
– Details: A private Saudi company involved in early-stage gold exploration.
8. KEFI Minerals (Saudi Gold and Minerals Exploration – “SGM”)
– Focus: Gold & copper
– Details: UK-listed KEFI is advancing the Jibal Qutman and Hawiah projects.
9. Moxico Resources
– Focus: Zinc & base metals
– Details: Exploring potential deposits in Saudi Arabia.
Key Government Initiatives:
– The Saudi government has