This week brought new developments in the Saudi mining sector, from mineral projects and corporate funding to initiatives supporting innovation and local talent. Here are the highlights.
Aramco and NESR Sign Agreement for Direct Lithium Extraction Project
On October 8, NESR announced an agreement with Aramco to deliver a lithium demonstration project in Saudi Arabia, with a contract value of approximately US$200 million over a period of up to five years.
The project targets annual production of 2,000 tonnes of battery-grade lithium carbonate, with commissioning and production scheduled to begin in late 2027.
It will use NESR’s LiThara™ platform, which integrates brine treatment, direct lithium extraction and conversion into battery-grade lithium carbonate.
AMAK Receives Approval for SAR 680 Million Rights Issue
On October 6, Almasane Alkobra Mining Company (AMAK) announced that the Capital Market Authority had approved its application to increase its capital through a SAR 680 million rights issue.
The capital increase remains subject to approval by the Extraordinary General Assembly and completion of the relevant regulatory requirements. The authority issued its approval on October 5, following the company’s application in May.
Sun Peak Strengthens Exploration Funding for Saudi Arabia and Ethiopia
On October 6, Sun Peak Metals announced the closing of the first tranche of its private placement, raising approximately $9.71 million. The company also increased the offering’s target from $10 million to $12 million in response to investor demand.
Net proceeds will support exploration at the company’s projects in Saudi Arabia and Ethiopia, alongside offering costs and general working capital.
According to the company, its Saudi portfolio comprises 13 exploration licences covering 1,072 square kilometres, with applications pending for two additional licences covering approximately 200 square kilometres.
Second Edition of Future Minerals Pioneers Competition Launched
On October 8, the National Industrial Development and Logistics Program (NIDLP), in cooperation with the Ministry of Industry and Mineral Resources, launched the second edition of the Future Minerals Pioneers global innovation competition under the umbrella of the Future Minerals Forum.
The competition seeks practical solutions to improve mining efficiency, strengthen sustainability and accelerate technology adoption.
It features seven innovation tracks across three main challenges: maximising mineral recovery, advancing circular and low-emission mining, and enabling autonomous and smart mining.
Saudi Arabia Targets 70% Workforce Localisation Across Energy, Industry and Mining
Speaking at the “Made in the Gulf” conference and forum in Bahrain, Prince Abdulaziz bin Salman, Minister of Energy and Minister of Industry and Mineral Resources, outlined Saudi Arabia’s ambition for nationals to represent at least 70% of employees at establishments across the energy, industrial and mining sectors, according to coverage published on October 6.
The approach includes identifying workforce and skills requirements and coordinating with universities and vocational training institutions to develop suitable programmes.
The minister also outlined plans to complete work on integrating the three sectors by the end of November, aligning efforts and capabilities to increase added value.
