{"id":84554,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/miners-exploring-for-copper-rare-earths-could-get-access-to-sar-685-mn-incentive-program\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"miners-exploring-for-copper-rare-earths-could-get-access-to-sar-685-mn-incentive-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/miners-exploring-for-copper-rare-earths-could-get-access-to-sar-685-mn-incentive-program\/","title":{"rendered":"Miners exploring for copper, rare earths could get access to SAR 685 mn incentive program"},"content":{"rendered":"

The Industry and Mineral Resources Ministry has unveiled a fresh <\/strong>incentives package worth SAR 685 mn<\/strong> to boost mineral exploration in the Kingdom, it said in a post on X<\/a> yesterday. The program is being rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies.<\/p>\n

Ironing out the details: <\/strong>Companies with valid exploration licenses of under five years could unlock up to SAR 7.5 mn for each license, according to the ministry. Each firm can qualify for up to 15 licenses in accordance with the program\u2019s terms and conditions.<\/p>\n

We knew this was in the works:<\/strong> The Industry and Mineral Resources Ministry announced<\/a>plans<\/a> for the mineral exploration incentive program earlier this year as part of efforts to expand the sector and tap reserves of gold, phosphate and others.<\/p>\n

Who\u2019s eligible:<\/strong> Companies prospecting for critical minerals including copper, lithium nickel and rare earth minerals (REE), according to the ministry\u2019s mining platform Taadeen<\/a>. Activities should also be focused on underexplored regions. Preference will go to companies that build local talent and that have track records in greenfield exploration.<\/p>\n

The policy context: <\/strong>The nation\u2019s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said earlier in January<\/a>.<\/p>\n

\n

JEDDAH + LONDON METAL EXCHANGE<\/p>\n

MEANWHILE- Jeddah could become a regional hub for trade in copper and zinc after the <\/strong>London Metal Exchange<\/strong> (LME) said it plans to list the city as a delivery point for the metals, according to a statement<\/a> yesterday. The LME said the listing is subject to consultation on a technical change to its warehouse location framework. Jeddah would serve the Middle East, North and East Africa region, according to the statement.<\/p>\n

What they said:<\/strong> \u201cSaudi Arabia is an increasingly important global metals hub, and Jeddah fully meets with the operational and logistical criteria for new warehouse locations \u2013 such as being an important area of net consumption and having an effective transport network,\u201d LME CEO Matthew Chamberlain said.<\/p>\n

What\u2019s next:<\/strong> Consultation on the proposal which would see relevant stakeholders amending a general clause in the LME\u2019s policy on the approval of locations as delivery points related to warehouse insolvency. It aims to clarify \u201cthat some jurisdictions may require a court order to allow the withdrawal of metal\u201d in case of warehouse operator insolvency. If passed, Jeddah will become an active delivery point after three months of approval for setting up the first warehouse company in the site.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Kingdom is looking to tap reserves of gold, phosphate and other minerals<\/p>\n","protected":false},"author":1,"featured_media":84555,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2546],"tags":[10,2771,1537,2618,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-enterpriseam-ksa","tag-incentives","tag-industry-and-mineral-resources-ministry","tag-minerals","tag-mining","wpautop","entry"],"acf":{"mongo_id":"e05daf4b-eff6-4b06-997c-6fa072982e5e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1766.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Miners exploring for copper, rare earths in Saudi Arabia could get access to SAR 685 mn incentive program","related_issue":[84548],"teaser":"The Kingdom is looking to tap reserves of gold, phosphate and other minerals","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.befb1876-53fc-487d-b7a4-acbd80dcd11d.mp3"},"yoast_head":"\nMiners exploring for copper, rare earths could get access to SAR 685 mn incentive program - 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