Maaden wins 2 mining exploration licenses

Maaden headquarters

Saudi Arabian Mining Co. (Maaden) has been awarded two exploration licenses for Muhaddad and Ar Ridaniyah mining sites, the Ministry of Industry and Mineral Resources said in a statement.   

The permits are part of the Accelerated Exploration Program initiative launched by the ministry last year, in line with the objectives of Vision 2023, and the National Industrial Development and Logistics Program (NIDLP), to exploit the potential for the mining sector to be the third pillar of the national industry.  

The ministry's official spokesman, Jarrah Al-Jarrah, said that the exploration licenses will be issued in accordance with the Mining Investment Law and executive regulations, which require all companies applying for various mining licenses to provide proof of their technical competence and commitment to social and environmental standards, to achieve sustainable development across the Kingdom’s mining sector.  

Based on the ministry’s criteria, which focused on the technical aspects, work programs, as well as social aspects, Maaden topped the offers proposed within the competition process for the mining sites.  

Maaden compiles to spend SAR 15 million on community initiatives in areas adjacent to both mining sites, SAR 7.5 million for each site, including establishing a center for training and employing the region’s local community residents. 

Moreover, the citizens of the neighboring communities will represent more than 60% of the project workers, Al-Jarrah added.  

Maaden is committed to carrying out many exploratory works in the two sites, including drilling more than 61,000 meters in the first two years, to reach the sites' mining resources and reserves estimation phase at an accelerated pace.