RIYADH: Six mining companies have been approved to explore various sites across Saudi Arabia, as the Kingdom pushes ahead with growing the sector. The Ministry of Industry and Mineral Resources unveiled the successful bidders for its fifth Round of Exploration Licensing in a post on X, with exploration areas awarded collectively covering a total area of 1,000 sq. km. Saudi Arabia’s mining sector has surged with a 138 percent increase in exploitation licenses issued since the new Mining Investment Law of 2021. The number of permits rose from eight to 19 last year, as Saudi Arabia aims to boost production and investment to capitalize on mineral wealth estimated at SR9.4 trillion. Discovery Arabian Mining Co. has been awarded Al Halahilah in the Najran region, while Al Masane Al Kobra Mining Co., also known as AMAK, has been granted rights to Jabal Qaran, located in the same area of the Kingdom. The latter firm was also given permission to explore the Al-Hijra site in the Asir region. The Makman Hijab site in the Riyadh region is set to be explored by an alliance of Eqleed Group and Indotan Mining Co. Further south in the Asir region, the An Nimas site has been awarded to Saudi Arabian Mining Co., also known as Ma’aden, the Kingdom’s foremost mining corporation. In the western part of the country, the Al Miyah site in the Makkah region has been granted to Royal Roads Arabia Co. The nation’s mining sector has been expanding locally and internationally, and this licensing round represents a key component of Saudi Arabia’s Vision 2030 – which aims to diversify the economy and reduce its dependency on oil. In January, the Royal Commission for Jubail and Yanbu signed a memorandum of understanding with Brazilian mining company Vale for the development of an iron ore briquettes project in Saudi Arabia. The MoU was signed on the sidelines of the two-day Future Minerals Forum, during which Vale disclosed its plans for the Middle East. The Saudi mining sector’s reforms have been recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, according to a report by MineHutte, an independent research and consultancy firm based in the UK. The firm has stated that the Kingdom has been ranked the second-best country internationally for its licensing environment.