The distinguished businessman Suleiman Al-Othaim, Chairman of the Board of Directors of the Saudi Gold Refinery Company, praised the efforts made by the Ministry of Industry and Mineral Resources in the mining sector because of its great impact in supporting the mining sector and facilitating attracting mining investment and exploiting the natural resources of the earth in alliance with international companies and introducing What the mining industry has achieved in the Kingdom of Saudi Arabia, in line with the ambitious national vision that aims in this field to invest natural resources and their treasures,
Al-Othaim explained the mineral resources it contains and the Arabian Shield, which amount to more than one trillion and three hundred billion dollars, pointing to the success of the participation of the Ministry of Mineral Wealth, the Ministry of Investment, the Geological Survey Authority, and Ma’aden Company in this conference and the exhibition accompanying it, after the extraordinary and wonderful success. At the Mining Forum in January 2023
Al-Othaim added that the Ministry of Industry and Mineral Resources’ invitation to those interested in the mining sector to register in the “Nathri” incubator for mining exploration comes as a continuation of the Ministry’s efforts to increase spending rates on exploration work, support the national geological database with technical information, and support more emerging national companies. To develop exploratory sites in the Kingdom to become a gateway to promising industries, with the aim of empowering emerging individual explorers, local small and medium companies, and investors interested in the mining sector, and working to create a local and sustainable exploratory environment, in cooperation with the Geological Survey and the General Authority for Small and Medium Enterprises “Monshaat.”
He pointed out that the importance of the Ministry’s role comes in enabling entrepreneurship in mining exploration by financing and supporting appropriate infrastructure, to enhance the effectiveness of its work and promote economic growth in the sector. In line with the objectives of the Kingdom’s Vision 2030 and the National Industrial Development and Logistics Services Programme; To make the mining sector the third pillar of national industries, and support the sustainability of the mining sector in national industries.
He said that the initiative targets locally: students, researchers (academics), small and medium-sized companies applying for a prospecting license, and emerging companies in the field of exploration. The incubator provides a range of services to applicants, including: providing support in analyzing geological data, and support in… Obtaining exploration licenses, providing intensive courses and training workshops in the fields of geology and earth sciences, holding events and dialogue sessions with experts and specialists in the field of mining exploration, laboratory services, sample analyses, and geophysical survey elevations for metal detection in particular, as well as preserving diamond drilling samples, in addition to guidance. Guidance throughout the initiative program and providing office space for doing business.
He concluded by saying that it is no secret to everyone that the initial screening criteria for admission to the mining exploration incubator are “rich.” It is important for the company to be a small or medium national company according to the standards of the General Authority for Small and Medium Enterprises “Monshaat”, indicating that the applying companies will be evaluated according to basic criteria by reviewing the experiences of the work team and the previous work completed by the company, in addition to evaluating the financial efficiency. For the company, and consider the extent of its readiness to enter incubator programs that enhance the role of this sector.