The Saudi Ministry of Industry and Mineral Resources called on emerging individual explorers, small and medium-sized local companies, and investors to register in the "Nuthree" Mining Exploration Incubator initiative.
Nuthree aims to empower emerging individuals and local companies in the mineral exploration sector to create a sustainable local exploration environment to develop the Kingdom's resources and become an entry point for promising industries in cooperation with the General Authority for Small and Medium Enterprises (Monshaat).
The Ministry recently announced that until the end of March, the total number of valid mining licenses in the sector had reached 2,314.
The Ministry's official spokesman, Mohammed al-Jarrah, said that the incubator aims to develop the skills of emerging explorers and employ their capabilities and support them with enablers that ensure sustainability in the mining exploration sector.
It helps by promoting investment, transferring and exchanging knowledge and experience between leading mining companies, and building sustainable strategic partnerships.
Jarrah stressed the importance of enabling entrepreneurship in mineral exploration locally from a regulatory perspective and financing and supporting it with the appropriate infrastructure to enhance its business and drive economic growth in the sector.
He noted that the initiative is in line with the goals of Vision 2030 and the National Industrial Development and Logistics Program (NIDLP) to make the mining sector the third pillar of national industries.
Jarrah indicated that the initiative targets students and academics, small and medium-sized companies applying for an exploration license, emerging exploration companies, and investors interested in the mining sector.
The incubator will also provide services to support startups, including analyzing geological data, assisting them in obtaining exploration licenses, and offering intensive courses and training workshops in earth sciences.
It will conduct events and sessions with experts and specialists in mineral exploration, laboratory services, samples analytics, geophysical survey for metal detection, preserving diamond drilling samples, offering guidance throughout the initiative program, and providing office space.
The spokesman pointed out that the advanced companies will be evaluated according to essential criteria by examining the experiences of the work team and the previous work, assessing the financial efficiency, and their readiness to enter the incubator programs.