RIYADH: A new gold exploration study in Najran province is underway as Al-Masane Al-Kobra Mining Co., also known as AMAK, received a license from the Ministry of Industry and Mineral Resources. According to a bourse filing by AMAK, the company has been awarded a gold exploration license for an expansive area of 78.07 sq. km in Najran province, located in southern Saudi Arabia. The license will remain valid until May 19, 2028. This grants AMAK a substantial timeframe to conduct the necessary exploratory studies to ensure the availability of the required raw materials. The filing states that the financial impact of the issuance will become apparent once the studies and exploratory work are completed. It also notes that the company plans to announce any material developments regarding the license in a timely manner. In January, AMAK secured a gold exploration license in the Asir region for an area that covers 34 sq. km, the company said in a Tadawul statement. The mining sector in Saudi Arabia plays a vital role in the Kingdom’s economic diversification initiatives. According to a recent report by the Payne Institute for Public Policy at the Colorado School of Mines in the US, Saudi Arabia is positioned to emerge as a global leader in the mining sector due to its positive investment environment. In January, the Kingdom hosted the second edition of the Future Minerals Forum, a significant event where industry experts gathered to discuss the future of its mining sector. The forum served as a platform for exchanging ideas and exploring opportunities for the development and sustainability of the mineral exploration industry. Saudi Arabia’s mining sector holds great potential to bolster the economy, with an estimated value of $1.3 trillion in untapped minerals. In an interview with Arab News on the sidelines of FMF in January, Suliman Al-Mazroua, CEO of Saudi Arabia’s National Industrial Development and Logistics Program, noted that the Kingdom is witnessing a spur in private sector companies entering the mining sector, post the introduction of the new law. “More importantly, the appetite of the private sector to join the mining industry — that is what matters to us. We see a lot of newcomers joining the mining sector. It shows the appetite and the real opportunity they are seeing in this sector. Mining has never been as popular as it is now,” he said.