Can you share a case study of SRK’s work in Saudi Arabia?

SRK has been working in Saudi Arabia since the 1990s, initially providing consulting input to major projects like the Bulghah and Ad Duwayhi gold mine and Jalamid phosphate mine. We have built a solid reputation for providing technical services, including input into multi-disciplinary technical studies, water supply studies, geotechnical studies in support of major infrastructure projects, exploration prospectivity studies, Mineral Resource and Reserve estimates, and rehabilitation and closure planning, all in line with international reporting codes and industry best practices. SRK has worked extensively and closely with the major mining companies exploring and operating in Saudi Arabia, including producing Competent Persons Reports for both the Saudi Arabian Mining Company (Ma’aden) and Al Masane Al Kobra (AMAK), in support of their listing on the Tadawul Stock Exchange in Saudi Arabia. SRK is actively involved in multiple projects across the Kingdom, across most of the major minerals/commodities, from early-stage exploration, through project and mine development, operational support and planning for rehabilitation and closure.

Can you provide an assessment of Saudi Arabia’s mining industry?

There is currently a large focus on mineral exploration and development in line with the clear and ambitious economic diversification foundation of the 2030 vision. Whilst there is a large quantity of historical and recently collected geological and exploration data, the full endowment potential of the country’s mineral resources has yet to be fully determined. The regulatory framework for explorers and miners has been developed in recent years to become more structured and transparent, with an updated mining law supported by key country stakeholders. The changes appear to be making Saudi Arabia a much more appealing destination for international exploration and mining companies, as well as supporting the existing and more mature companies. Exploration License applications have increased significantly in recent years, which is demonstrated by the interest that has been seen in the recent round of license tenders that have been released, which have received interest from local and global players in the industry.

The significant and ongoing investment in large-scale, country-wide regional geological programs, an investment of over US$700 million, creates opportunities for new discoveries in a country which remains relatively under-explored. Whilst there are challenges in understanding the new systems/frameworks and getting familiar with how things work, the strong appetite within the Kingdom is a huge positive.

Can you share insights on the market trends based on SRK’s involvement in the region since the 1990s?

When I first started coming to Saudi Arabia in the early 2000’s, there were only a few operating mines, and exploration was limited to a few companies, however the growth over the past 20 years has been incredible. The country has seen major investment and success in mining and processing projects (and associated infrastructure) in the phosphate, gold and base metals and aluminum industries, notably with exciting and successful joint venture partnerships with the likes of PIF, Mosaic, Alcoa, SABIC, Barrick and Ivanhoe Electric, to name just a few.

The real driver in the mineral sector now is in exploration to find the next big deposits, the development of which will form a foundation for a mining and industrial sector which satisfies the country’s large demand for minerals and economic growth.

What is SRK’s plan to adapt to the evolving needs of Saudi Arabia’s mining sector?

By having a strong local focus, we will be able to nurture and develop the next generation of scientists and engineers under the SRK global umbrella, while staying committed to our key principles of delivering quality work in consideration of sustainability and social and environmental responsibility.

Can you tell us about SRK’s goals for the future and how they align with Vision 2030?

International expertise and companies establishing themselves and integrating into the Kingdom will be key in supporting this vision. SRK has a great track record, experience and reputation in the Middle East and is here to work with local companies to meet those clear Vision 2030 objectives. The Kingdom is definitely open for business, and there is no place in the world with as much appetite and investment opportunities to develop a mining sector right now.