Sou Hu Cai Jing·2025-03-31 07:55Core Insights - Zijin Mining has won a significant bid for mineral exploration in Saudi Arabia, marking a major breakthrough for Chinese mining companies in the region [1][7] - The Jabal Sayid mineral belt, where the exploration will take place, has a rich history of gold production, exceeding 2 million ounces [3][9] - The Saudi government's Vision 2030 emphasizes the mining sector as a key component for economic diversification away from oil dependency [13][17] Group 1: Zijin Mining's Bid - Zijin Mining, in partnership with Saudi Ajlan Brothers Mining Company, won the bid for the JABAL SAYID – 2 block, covering 1,061 square kilometers, with a commitment of 116 million RMB (approximately 60 million Saudi Riyals) for exploration [1][9] - This marks Zijin Mining's first participation in overseas greenfield exploration project bidding, indicating a strategic move towards international expansion [1][7] Group 2: Saudi Mining Potential - Saudi Arabia's untapped mineral reserves have increased in estimated value from $1.3 trillion in 2016 to $2.5 trillion, a 90% increase [17] - The Saudi government has launched a $182 million incentive program for mineral exploration and plans to issue over 30 mining exploration licenses to international investors this year [17][18] Group 3: International Participation - The Saudi mining sector is attracting global attention, with various international companies investing in projects such as copper facilities and rare earth element processing plants [22][23] - Notable investments include Vedanta's plan to build a copper facility with a total investment of 7.5 billion Riyals and Hastings Technology Metals' phased investment of 5.6 to 7.2 billion Riyals for a rare earth processing plant [23]