Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.



Gold Hovers Near Record Levels, Fed Meeting in Focus

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Hovers Near Record Levels, Fed Meeting in Focus

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Safe-haven gold firmed on Monday, trading near an all-time high scaled in the previous session, while the market's focus shifted to the US Federal Reserve's meeting this week.

Spot gold added 0.5% to $2,997.84 an ounce, as of 1141 GMT. Prices hit a record high of $3,004.86 on Friday amid geopolitical uncertainty.

US gold futures eased 0.2% to $3,006.10.

"We expect prices to edge higher on a similar trajectory with dips bought as FOMO (fear of missing out) trades support the market," said Ross Norman, an independent analyst, Reuters reported.

"In short, we would be surprised not to see the $3,150 level in the coming months much as we had forecasted - albeit much quicker than we had anticipated."

US Treasury Secretary Scott Bessent said on Sunday that there are "no guarantees" there will not be a recession in the country, adding to investor worries of an impending economic downturn due to the President's trade policies.

"Short term, we acknowledge that the market has drifted into technical overbought territory, but think the prevailing mood among investors remains one of caution for US equities and confidence in gold," UBS said in a note.

US stock markets closed down sharply last week amid mounting uncertainties arising from tariff threats against the biggest US trading partners.

Markets now await the Fed's two-day monetary policy meeting that ends on Wednesday for clues on the interest rate trajectory. The Fed is widely expected to keep rates on hold after having reduced them by 100 basis points since September.

Bullion tends to do well in a low interest rate environment and is also seen as a hedge against geopolitical turmoil, economic uncertainties, and inflation.

Spot silver was flat at $33.79 an ounce, while platinum rose 0.6% to $999.20, and palladium gained 0.9% to $973.50.