Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, revealed that national spending on mining exploration has more than doubled in recent years, far exceeding earlier projections.
Speaking to Asharq Al-Awsat on Sunday during the opening of the Geomin 2025 Forum in Jeddah, Alkhorayef said exploration expenditure has reached about SAR500 ($133.30) per square kilometer, compared to previous estimates of SAR120–130.
The minister described this sharp rise as a clear indicator of Saudi Arabia’s growing attractiveness to international investors in the mining and exploration sector. “The most important indicator for us is actual spending on exploration, and that continues to grow steadily,” he said.
Organized by the Saudi Geological Survey in cooperation with the Society of Exploration Geophysicists (SEG), the Geomin Forum brings together over 550 experts and 170 companies from 38 countries, underscoring the sector’s rising global profile.
Alkhorayef stressed that artificial intelligence (AI) and data analytics are transforming the mining industry, enabling significant reductions in exploration costs.
“We are betting on advanced technologies, particularly in geological data analysis, which is part of the broader Big Data ecosystem. These tools help investors better understand mineral concentrations and identify optimal sites,” he explained.
The minister added that reliance on digital technologies allows more accurate targeting of exploration zones, lowering upfront investment and improving efficiency for both investors and the government.
He noted that the ministry monitors the sector from three key perspectives: the number of licenses issued, actual spending by licensed companies, and the strong demand for new mining auctions, particularly in geologically promising areas.
In his opening remarks at the forum, Alkhorayef described mining as the third pillar of the Saudi economy, following oil and petrochemicals. He noted that the Kingdom’s mineral wealth exceeds $2.5 trillion, and the national objective is to develop these resources “according to the highest standards of responsibility and sustainability.”
For his part, Dr. Abdullah Al-Shamrani, CEO of the Saudi Geological Survey, said that spending on exploration has surged by more than 600 percent since 2018, reaching SAR487 per square kilometer in 2024 and surpassing Vision 2030 targets.
He attributed this growth to the rapid expansion of the Digital Geological Survey Program and the launch of the National Geodata (NGD) platform, which provides investors with high-resolution geological maps that reduce risk and enhance transparency.
The Geomin Forum serves as a global platform for scientific and technological partnerships in geological exploration and mineral data analysis. With 26 technical sessions, nine panel discussions, and 104 scientific presentations, it reflects the international community’s growing confidence in Saudi Arabia as a regional hub for geological innovation.
