RIYADH: In a move to promote greater private participation in the mining sector, Saudi Arabia issued 34 new licenses in May, as the sector continues to grow in line with the Vision 2030 economic diversification plan. According to the Saudi Ministry of Industry and Mineral Resource, the permits include 20 for exploration, followed by 13 for the building material industry. It also issued one license for mining and small mine exploitation. This comes after the ministry issued 55 licenses in April, up from the 27 handed out in March and 18 in February. The report stated that the total number of permits in the mining industry currently stands at 2,365, headed by 1,475 licenses for building materials quarries and 644 for exploration. This also includes mining and small mine exploitation which hold 182 licenses, while 36 permits are given for reconnaissance activities. The ministry’s total count also includes 28 licenses which are issued for the surplus mineral ores. In terms of regions, Riyadh topped the list in acquiring the largest number of mining licenses with 587 permits, followed by Makkah with 384. The Eastern province received 376 permits while Madinah accounted for 264 licenses. The ministry further reported that Asir issued 214 permits, Tabuk 154, Al-Qasim 89, Jazan 81 and Hail 69 in May. On the other hand, the number of permits Najran gave stood at 54, while Al-Baha gave out 39. The Northern Borders and Al-Jawf issued 27 each. In accordance with the objectives of the Kingdom’s Vision 2030 and the National Industry Development and Logistics Program, the ministry has been strongly exploring opportunities to safeguard the mining industry and increase its value. Furthermore, the Kingdom is on pace to make mining the third pillar of its economy and is working to fully utilize the approximately 5,300 sites of mineral resources, which are estimated to be worth SR5 trillion ($1.33 trillion). During the Future Minerals Forum held in January in Riyadh, the Minister of Investment Khalid Al-Falih talked about how Saudi Arabia is becoming the perfect destination for companies to come and operate in the mining sector. “Saudi Arabia has brought together all of the necessary enablers in the mining sector. We have the energy solution, we have the location, we have the financing, and we have the best-in-class regulations across the world,” Al-Falih said at that time.