The Saudi Ministry of Industry and Mineral Resources has revealed a new set of mining prospects designed to draw both local and international investors. These prospects are the latest in a series of mining license contests, marking the fifth such event, which will offer exploration rights for an array of minerals including gold, copper, zinc, lead, and silver. These licenses span a collective area of more than 940 square kilometers across the Kingdom.
Among the highlighted sites for exploration is Al-Halahila in the Najran region, which spans over 34 square kilometers and is believed to be rich in copper, zinc, and gold. Another prominent site is Jabal Qaran, also in Najran, exceeding 57 square kilometers and hosting a variety of minerals such as copper, gold, zinc, silver, and lead.
Additional sites include Makman Hijab in the Riyadh region, which encompasses more than 118 square kilometers containing gold and silver; An-Nimas in the Asir region, over 222 square kilometers with deposits of copper, zinc, silver, and gold; Al-Mihah in the Makkah region, stretching beyond 234 square kilometers with a wealth of minerals; and finally, Al-Hajirah in Asir, exceeding 274 square kilometers with an abundance of silver, copper, zinc, lead, and gold.
The submission deadline for technical bids on these licenses is set for early May 2024. An information platform providing geological and technical data on the sites will assist applicants, with the winners to be announced towards the end of June 2024.
The competition is tailored to encourage participation from both local and international companies experienced in mining exploration. Applicants will be assessed based on technical skill, financial strength, and the quality of their technical work programs, along with their social and environmental impact strategies and investment plans.
This licensing initiative is part of the Kingdom’s broader Accelerated Exploration Initiative, launched in 2022, focusing on maximizing the exploitation of Saudi Arabia’s mineral wealth and enhancing the mining sector’s contribution to the economy. The goal is to fortify the national economy and create valuable employment opportunities for Saudi citizens.
In conjunction with the Ministry of Investment, the Ministry of Industry and Mineral Resources has also introduced a new set of incentives for exploration projects, disclosed during the third International Mining Conference this past January in Riyadh. This incentive package is valued at approximately $182 million and offers financial support for entities eager to delve into the Kingdom’s mineral exploration ventures.