Ministry of Industry names qualified bidders for mining licenses

Logo of Ministry of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources unveiled the names of the qualified bidders for the new mining opportunities, which include exploration for copper, zinc, lead, and silver in Umm Hadid, Bir Umq, and Jabal Sahabiyah areas, said Jarrah Aljarrah, the official spokesman in a statement.

The qualified bidders include Saudi Arabian Mining Co. (Maaden), AMAK, Andean Precious Metals Co., Al Masane Al Kobra Mining Co., Energy Transition Minerals, Lotus Gold Corp., Mawarid Mining LLC,  Royal Mining Group, Steppe Gold Co., a consortium of Alara Saudi Ventures, Al Tasnim Holding Co. and Southwest Pinnacle Co. and a consortium of Sumou Holding and Kuya Silver Company.

Aljarrah also noted that announcing the qualified bidders marks the end of phase one in the bidding process, indicating that offers will be received from qualified bidders until July 2023. The winning companies will be announced in August 2023.

The announcement of the five opportunities came in line with the Kingdom’s accelerated mining exploration initiative, launched in 2022, which seeks to optimize the use of the Kingdom’s mineral resources and fulfill the Vision 2030 objectives. It also seeks to increase the contribution of the mining sector to gross domestic product (GDP).