Riyadh, March 10, 2023, SPA — Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has launched the “Nuthree” Mining Exploration Incubator initiative to empower emerging individuals and local companies in the mineral exploration sector to create a sustainable local exploration environment to develop the Kingdom’s resources and to become an entry point for promising industries, in cooperation with the General Authority for Small and Medium Enterprises (Monshaat).
The Ministry’s official spokesman, Jarrah bin Mohammed Al-Jarrah, said that the incubator aims to develop the skills of emerging explorers and employ their capabilities and support them with enablers that ensure sustainability in the mining exploration sector by promoting investment, the transfer and exchange of knowledge and experience between the leading mining companies, and building sustainable strategic partnerships.
He stressed the importance of enabling entrepreneurship in mineral exploration locally from a regulatory perspective, and financing and supporting it with the appropriate infrastructure to enhance its business and drive economic growth in the sector. He noted that the initiative is in line with the goals of the Kingdom’s Vision 2030 and the National Industrial Development and Logistics Program (NIDLP) to make the mining sector the third pillar of national industries.
Al-Jarrah indicated that the initiative targets students and researchers (academics), small and medium-sized companies applying for an exploration license, emerging companies in the field of exploration, and investors interested in the mining sector.
The incubator will also provide a range of services to support startups, including analyzing geological data, assisting them in obtaining exploration licenses, and offering intensive courses and training workshops in the fields of earth sciences. It will conduct events and dialogue sessions with experts and specialists in the field of mineral exploration, laboratory services, samples analytics, geophysical survey for metal detection, preserving diamond drilling samples, offering guidance and direction throughout the initiative program, and providing office space to carry out their work.
The name of the initiative “Nuthree” comes as a reference to the importance of optimal utilization of the Kingdom’s mineral resources at more than 5,300 sites, with an estimated value of SR5 trillion. The Ministry invites those interested to apply for the initiative by registering via the following website:
Source: Saudi Press Agency