Saudi Arabia Receives over 2,000 Applications for Mineral Resources Exploration Licenses

The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
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Saudi Arabia Receives over 2,000 Applications for Mineral Resources Exploration Licenses

The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)

CEO of the Saudi Geological Survey (SGS) Engineer Abdullah Al-Shamrani announced that the Ministry of Industry and Mineral Resources is currently processing over 2,000 local and international license applications, including around 2,000 for exploration and approximately 139 for mining. Additionally, he said that more than 2,300 mining licenses have been issued, reflecting significant growth in the sector.

In an interview with Asharq Al-Awsat, Al-Shamrani highlighted the rapid expansion of both local and foreign investment in mining over recent years. He stressed that ensuring investor success is a top priority for the Ministry of Industry, which provides financial support, various programs, and essential geological data to facilitate investment.

The official revealed that Saudi Arabia’s gold reserves exceed 100 million ounces, while over 34 million tons of zinc and 17 million tons of copper have been discovered. Exploration activities are ongoing across various locations throughout the country, he noted.

Cave tourism

Al-Shamrani also pointed to plans to establish a geological museum in Saudi Arabia in collaboration with the Ministry of Tourism. He said the SGS is working closely with the ministry to provide detailed geological data for sites that could be developed into tourist attractions.

“Cooperation is ongoing with the Ministry of Tourism to transform certain caves into tourist destinations, especially since there are more than 150 caves across the country. Among these is the Umm Jirsan cave, which is 1.5 kilometers long and located near Madinah. It is notable for its natural beauty and historical significance,” he told Asharq Al-Awsat.

He cited the Abu Al-Wa’ul cave, which contains the skeletal remains of extinct animals, stating that such discoveries add a new dimension for those interested in geological tourism.

When asked about the role of the private sector in developing and preparing these caves for tourism, Al-Shamrani explained that this responsibility lies with the Ministry of Tourism, which has specific plans to economically benefit from these sites.

Fossil discoveries

The official highlighted the significance of fossil discoveries, stating that they could be displayed in geological museums. Collaboration with the Ministry of Tourism could showcase fossils and other geological features to provide insight into Saudi Arabia’s geology and its diverse types of stones, offering both educational and investment opportunities.

He revealed recent fossil discoveries, including mammals in the Nafud region, Hijaz monkeys, and the remains of a 37-million-year-old extinct whale found in limestone in the Al-Qurayyat area of Al-Jawf in northern Saudi Arabia.

The SGS’s findings show that the Arabian Shield holds most of the Kingdom’s primary minerals. Al-Shamrani noted that 81% of the country’s aerial geophysical survey has been completed, with 88,000 sediment samples collected from an area spanning nearly 600,000 square kilometers.

The expansion of geological data from these surveys will offer a clearer picture of mineral exploration sites, which will further accelerate exploration and investment in the mining sector, according to the official.

Mining license applications

Al-Shamrani added that the Ministry of Industry and Mineral Resources has issued around 2,300 mining licenses, including over 1,400 for building material quarries and more than 600 for exploration, with a total estimated value of SAR 89 billion ($23.7 billion).

The Geological Information Platform has attracted nearly 78,000 visitors.

The estimated value of Saudi Arabia’s minerals is approximately $2.5 trillion. Quantities of discovered resources continue to vary based on the latest exploration studies and global demand.



Japan, South Korea Hit with 25% Tariffs as Trump Ramps up Trade War in Letters to Leaders

After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
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Japan, South Korea Hit with 25% Tariffs as Trump Ramps up Trade War in Letters to Leaders

After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)

US President Donald Trump on Monday began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.

The 14 countries sent letters so far, which included smaller US exporters like Serbia, Thailand and Tunisia, hinted at opportunities for additional negotiations while at the same time warning that any reprisal steps would be met with a like-for-like response.

"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump said in letters, released on his Truth Social platform, to Japan and South Korea.

The higher tariffs, levied on US importers of foreign goods, take effect August 1, and notably will not combine with previously announced sector tariffs such as those on automobiles and steel and aluminum.

That means, for instance, that Japanese vehicle tariffs will remain at 25%, rather than the existing 25% auto sector tariff climbing to 50% with the new reciprocal rate as has occurred with some of Trump's tariffs.

The clock has been ticking for countries to conclude deals with the US after Trump unleashed a global trade war in April that has roiled financial markets and sent policymakers scrambling to protect their economies.

Trading partners got another reprieve as Trump signed an executive order on Monday extending the Wednesday deadline for negotiations to August 1.

Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.

The rate for South Korea is the same as Trump initially announced, while the rate for Japan is 1 point higher than the one announced on April 2. A week later, he capped all of the so-called reciprocal tariffs at 10% until Wednesday. Only two agreements have so far been reached, with Britain and Vietnam.

Wendy Cutler, vice president of the Asia Society Policy Institute, said it was unfortunate Trump was hiking tariffs on imports from two of the closest U.S. allies, but there was still time for a breakthrough in negotiations.

"While the news is disappointing, it does not mean the game is over," Cutler said. Trump said later Monday that the United States would impose 25% tariffs on goods from Tunisia, Malaysia and Kazakhstan; 30% on South Africa, Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand and 40% on Laos and Myanmar.

South Korea said it planned to intensify US trade talks and considers Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs.

"We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs," the country's Industry Ministry said. There was no response from the Japanese embassy in Washington.

MARKET DROP

US stocks fell in response, the latest market turmoil as Trump's trade moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies.

US stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs in the weeks after he put the stiffest levies on hold on April 9.

The S&P 500 closed down about 0.8%, its biggest drop in three weeks. US-listed shares of Japanese automotive companies fell, with Toyota Motor closing down 4.0% and Honda Motor off by 3.9%. The dollar surged against both the Japanese yen and the South Korean won.

"Tariff talk has sucked the wind out of the sails of the market," said Brian Jacobsen, chief economist at Annex Wealth Management. Most of the announced tariff rates have been rounded down, he added, and the letters come across as "take it or leave it" offers.

US Treasury Secretary Scott Bessent said earlier on Monday he expected several trade announcements in the next 48 hours, adding that his inbox was full of countries' last-ditch offers.

TRADING BLOCS

The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.

The EU still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a commission spokesperson said.

It was not clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.

The EU has been torn over whether to push for a quick and light trade deal or leverage its economic clout to negotiate a better outcome. It had already given up hopes for a comprehensive trade agreement before the July deadline.

Trump has also said he could impose a 17% tariff on EU food and agriculture exports. The president also threatened leaders of developing nations in the BRICS group, who are meeting in Brazil, with an additional 10% tariff if they adopt "anti-American" policies.

The group includes Brazil, Russia, India and China among others.