Saudi Arabia Mineral Wealth Rises by 90% Since 2016 -S&P
Saudi Arabia is experiencing a transformative shift in its mining sector, propelled by its Mining Strategy — a key pillar of the Kingdom’s Vision 2030 aimed at diversifying its economy and reducing reliance on oil, S&P Global said in a report.
Substantial increases in exploration budgets, particularly for gold and copper, reflect the Kingdom’s strategic priorities and ambition to unlock new mineral resources, the global rating agency said.
Supported by advanced technologies and a robust pipeline of projects, Saudi Arabia is positioning itself as an emerging leader in global mining, fostering sustainable growth and attracting significant foreign investment.
The Kingdom’s mineral wealth is now estimated at over $2.4 trillion, up 90% since 2016, following comprehensive surveys that have revealed new discoveries beyond traditional mineral belts, including rare earth elements and battery metals.
The report revealed new discoveries beyond traditional mineral belts, including rare earth elements and battery metals.
Saudi Arabia’s minesite exploration budget increased to $146 million in 2025 from $21 million in 2022. In 2025, 72% of the total exploration budget went to gold and 23% to copper, reflecting the Kingdom’s evolving priorities and global market demand.
The Kingdom hosts 24 exploration and 17 advanced projects, with copper and gold reserves expected to last 15 and 40 years, respectively, amid challenges in maintaining and expanding these reserves.
The number of projects drilled in Saudi Arabia increased to 160 in 2024 from 58 in 2023, driven by Vision 2030 initiatives, regulatory reforms, heightened investor interest and improved infrastructure.
Saudi Arabia is in the final implementation stage of launching a metals exchange to support the mining sector with financial tools, price stability and integration with global commodity markets.
S&P said Saudi Arabia’s commitment to expanding its mining sector is evident in the substantial year-over-year increases in exploration budgets since 2022.
“The minesite exploration budget surged 595%, reaching $146 million in 2025 from $21 million in 2022. This growth is driven by ongoing geological surveys, technological advancements, and higher exploration budgets, all of which signal stability and opportunity, attracting foreign investment.
“While the growth is striking, exploration spending remains modest compared to established mining jurisdictions such as Australia and Canada, which typically allocate over $1 billion annually”. Congo Completes $750m International Bond Issuance at 9.5%
