'Nuthree' Mining Exploration Incubator Initiative

The "Nuthree" Mining Exploration Incubator Initiative is an initiative aimed at increasing expenditure on exploration activities, supporting the Saudi geological database with more reliable information, and increasing the number of national companies. It was launched by the Ministry of Industry and Mineral Resources in the Kingdom of Saudi Arabia on March 10, 2023, in collaboration with the Saudi Geological Survey and the General Authority for Small and Medium Enterprises (Monsha’at). The initiative seeks to qualify and empower explorers in the mining exploration sector.

The name of the initiative, "Nuthree" (we enrich) highlights the importance of optimizing the utilization of the Kingdom's mineral wealth, spread across more than 5,300 sites, with an estimated value of approximately SAR5 trillion.

The initiative contributes to creating an environment for exploring the Kingdom's wealth sites and developing them as a foundation for promising industries. It also fosters entrepreneurship through mining exploration and research by providing funding and support with related infrastructure to enhance operational efficiency and stimulate economic growth in the sector. This aligns with the objectives of Saudi Vision 2030 and the National Industrial Development and Logistics Program (NIDLP) to empower the mining sector as a third pillar of national industries and to promote its sustainability within national industries.

The Mining Exploration Incubator Initiative aims to develop the capabilities of local explorers, employ their skills in the field of mining exploration, facilitate the exchange of expertise and transfer of knowledge between leading companies in the mining sector, establish strategic partnerships to support the field, attract investors to the mining sector, and capitalize on the mineral resources within the Kingdom's territories.

The Mining Exploration Incubator Initiative locally targets the following groups: students and academic researchers, small and medium-sized enterprises applying for exploration licenses, startups in the exploration field, and investors interested in the mining sector.

The Mining Exploration Incubator Initiative provides various services to applicants for mining exploration licenses, including geological analysis data, support in obtaining exploration licenses, specialized courses and training workshops in earth sciences, events and discussion sessions with mining exploration experts, laboratory services, geophysical survey reports for mineral detection, preservation of diamond drilling cores, guidance and mentoring during the program, and access to office spaces for business operations.

The Mining Exploration Incubator Initiative has set specific conditions for participation, including that the company must be Saudi, classified as a small or medium-sized enterprise with fewer than 250 employees, involved in mining activities of categories (A or B), and focused on mining-related operations.

The training program of the Mining Exploration Incubator was launched on September 7, 2023. The Ministry of Industry and Mineral Resources also signed a memorandum of understanding with Umm al-Qura University, which includes organizing workshops in the mining field as part of the program, offering training courses in economic feasibility studies and mineral resources and reserves, and developing technical skills for explorers in the Kingdom. Additionally, it aims to harness their capabilities to establish small and medium-sized startups, support them with global expertise, contribute to providing a conducive environment and necessary facilities to foster innovation, offer specialized consultations, and facilitate the exchange of knowledge, expertise, and significant research findings.

In September 2023, the number of applicants to the incubator reached five hundred, with seventeen candidates, including companies and individuals, meeting the acceptance criteria. They embarked on a six-month training journey in the "Nuthree" incubator from September 2023 to February 2024 through a specialized program designed to develop their skills. The program ensures the provision of necessary knowledge and equips them with both local and international expertise to advance toward achieving a sustainable mining exploration environment in the Kingdom.

The Kingdom holds vast mineral resources and opportunities, aiming to utilize them as the third pillar of its economy, alongside oil and petrochemicals. The Arabian Shield region, spanning approximately sixty thousand km, is a rich source of precious metals. By 2023, about forty-eight types of minerals had been identified in the Kingdom, including fifteen minerals suitable for commercial use.