Saudi Arabia: Two Saudi mining firms have agreed to exchange exploration licenses, aiming to accelerate exploration activities, enhance operational efficiency, and strengthen collaboration across the Kingdom’s mineral sector.

Al-Masane Al-Kobra Mining Co., or AMAK, and Saudi Arabian Mining Co., known as Ma’aden signed the deal to swap exploration licenses, the companies said in a statement.

“This agreement represents an important step toward enhancing the effectiveness of geological exploration, developing promising mining projects, exchanging expertise, and building capabilities,” the statement said.

The Kingdom has been exploring its vast mineral wealth since 1997, with efforts accelerating under Vision 2030, which recognizes mining as the third pillar of the national economy. The country is home to over 45 identified minerals, including gold, zinc, and uranium, with total mineral wealth now valued at over $2.5 trillion.

Saudi Arabia is focused on developing mineral value chains by leveraging its vast resources, local demand, and access to global markets.

Key initiatives include comprehensive geological surveys, identification of investment opportunities, and attraction of foreign investment.

Capitalizing on its competitive advantages, the Kingdom aims to establish a thriving, sustainable mining industry that drives economic diversification and job creation while strengthening its position in global supply chains.

Under the AMAK-Maaden deal, Ma’aden will transfer a group of its exploration licenses to AMAK, supporting the latter’s expansion plans and its strategy to strengthen exploration and new mine development.

In return, Ma’aden will receive several licenses currently held by AMAK, allowing both firms to improve operational integration and increase the efficiency of exploration and development across geologically promising areas in line with each company’s scale and business strategy.

On this occasion, AMAK’s CEO, Geoff Day, commented that this agreement reflects our strong relationship with Ma’aden and represents a true embodiment of collaborative strategic partnerships within the sector, with the focus on responsible, value-added resource stewardship across the Kingdom’s fast-growing mineral resources sector.

“Undoubtedly, this pivotal step will enable both parties to accelerate exploration activities in high-potential geological areas,” Day said.

These new licenses, he added, will support AMAK’s growth plans and expand its project portfolio in line with the aspirations of the Kingdom’s mining sector and his company’s commitment to delivering sustainable value to its shareholders and the national economy.

The agreement goes beyond a simple license swap, opening the door to future joint projects in the Kingdom and reinforcing the companies’ commitment to closer cooperation and maximizing the Kingdom’s rich mineral resources.

Shares of AMAK rose to their highest level since April 2022, reaching SR84 ($22.40) apiece on Dec. 9, reflecting investor optimism over the license-swap agreement with Ma’aden.