From Oil to Ores: Saudi Arabia's Mining Pivot Gains Momentum with AMAK's 11 Million‑Tonne Discovery

Saudi Arabia's Almasane Alkobra Mining Company (AMAK) has claimed the identification of around 11 million tonnes of mineral resources in the Najran region, marking a significant step in the Kingdom's shift from oil dependency to mining diversification. The discovery, which includes gold, copper, zinc, and silver ores, was disclosed on the Saudi Stock Exchange (Tadawul) and shared through AMAK's official LinkedIn page.

The announcement underscores the growing role of mining in Saudi Arabia's Vision 2030 strategy, which aims to broaden the economic base beyond hydrocarbons. With global mining markets facing rising costs, commodity price volatility, and stricter environmental demands, Saudi Arabia is positioning itself as a rare growth story in the sector.

Exploration and Early Findings

AMAK began exploration immediately after receiving its licence in September 2024. By February 2025, the company had launched an intensive drilling programme, covering less than 10 per cent of the licensed area but already drilling more than 27,000 metres. Early assessments suggest strong potential for additional resources as exploration continues.

Chief Executive Officer Jeffrey MacDonald‑Day told Al Arabiya Business that the discovery aligns with AMAK's long‑term strategy to expand its contribution to the Kingdom's mining sector. He said: 'We have started exploring a small part of these resources, and this confirms that the resources will continue to increase to reach about 20 million tonnes. This also confirms our investment plan and gives sustainability to our operations in the near and distant future as well.'

MacDonald‑Day added that the expected growth in resources would lead to increased company investment and expansion of AMAK's factories, significantly boosting production. He noted that only a fraction of the licensed area has been excavated, highlighting substantial opportunities to advance development work and uncover further mineral reserves.

Strategic Positioning

The exploration site lies roughly 100 kilometres from AMAK's existing processing complex, a proximity the company says will enhance future operational efficiency through shared infrastructure. This logistical advantage is expected to support the scaling up of operations as new resources are confirmed.

Saudi Arabia's mining ambitions are unfolding against a backdrop of global industry challenges. According to an S&P report, while many markets are slowing, the Kingdom is accelerating sector growth by making mining a central pillar of Vision 2030. The discovery by AMAK reinforces this momentum, signalling that Saudi Arabia intends to compete in the global resource race.

New Licence and Next Steps

On 30 November, AMAK also announced that it had been granted a 10‑year mining exploitation licence for the Katina site in Najran by the Ministry of Industry and Mineral Resources. Covering 9.84 square kilometres, the licence focuses on gold extraction and represents a further expansion of AMAK's growth strategy. This focus on gold also positions the Kingdom to strengthen its role within global supply chains for precious metals.

Further geophysical surveys and drilling are planned throughout 2026, with a JORC‑compliant mineral resources report expected in the second half of the year. AMAK has also begun studies to convert its exploration licence into a mining licence, with findings due next year.

Established in 2008 and listed on Tadawul, AMAK is licensed by the Ministry of Industry and Mineral Resources and is regarded as one of Saudi Arabia's key players in the mining sector. Its latest discovery not only strengthens its own portfolio but also adds weight to Saudi Arabia's broader ambition to pivot from oil to ores, sending a clear signal to investors that mining is becoming a cornerstone of its future economy.