Saudi Arabia has pre-qualified six companies for the final stage of 685 million Saudi riyals ($182 million) Exploration Enablement Programme (EEP).

The Industry and Mineral Resources Ministry said in a statement on Monday that a total of 18 firms submitted 82 applications. Out of that, six firms were prequalified, adding that 49 applications submitted by these firms have been selected.

The 7-year EEP programme is designed to encourage and increase investment in exploration for Class A minerals over an area of 4,000 square kilometres (sq. km.) in accelerated mode. Other highlights include 440,000 metres of drilling and 57,000 geochemistry samples.

Riyadh has awarded scores of mining sites to foreign firms seeking to tap the Kingdom’s massive mineral wealth, officially estimated at $2.5 trillion.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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