Saudi Arabia awards copper exploration licenses to several major miners

Major mining companies, including India's Vedanta and China's Zijin Mining Group, have been granted exploration licenses in Saudi Arabia. The companies were awarded sites covering 4,788 square kilometers, which include the Jabal Sayid copper deposit, according to Bloomberg.

The Saudi government aims to develop its mining industry. The allocation of leases is part of the Vision 2030 program, which seeks to diversify the economy and attract foreign investment into the sector.

In line with this goal, Saudi Arabia also aims to discover significant mineral deposits, including copper, silver, and gold, according to Bloomberg.

Zijin Mining won the tender for the exploration of the Jabal Sayid site. The company's total expenditures are expected to amount to $16 million.