Saudi Arabia has doubled exploration spending year over year, reaching SAR 1.05 billion in 2024, as the Kingdom pushes to expand grassroots discovery while global budgets remain under pressure. Speaking with Kitco Mining at PDAC 2026 in Toronto, Abdulrahman Al-Belushi, Deputy Minister of Mineral Resources Management at Saudi Arabia’s Ministry of Industry and Mineral Resources, outlined how mining is being positioned as a pillar of industrial strategy.
“We look at the mining sector as an economic play rather than a fiscal play,” Al-Belushi said, citing supply chain priorities across gold, copper, rare earths, zinc, and phosphate. Saudi Arabia has about 78,000 km² under exploration license and plans to tender 13,000 km² in 2026 under a merit-based system.
Al-Belushi also discusses:
• 60% of exploration spending going to grassroots work
• Up to $2 million reimbursable support per license, up to 15 licenses
• 15% performance bonds to back work commitments
• Saudi Arabia’s top 10 global ranking in Fraser Institute’s 2025 survey
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00:32 - Saudi Mining Vision and Industrial Strategy
01:36 - Arabian Shield Geology and Deposit Types
04:05 - Gold, Copper, Rare Earths, and Phosphate Priorities
06:28 - Exploration Spending Doubles to SAR 1B
07:54 - $2M Exploration Enablement Program Explained
09:40 - 13,000 km² Tender Round and 2026 Pipeline
12:14 - 100% Foreign Ownership and Entry Model
13:59 - Partner Strategy and Lessons From Oil Sector
15:43 - Saudi Arabia’s Processing Hub Ambitions
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