Industry Ministry announces qualified bidders for mining exploration licenses

Logo of Ministry of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources announced the local and international qualified bidders to compete for exploration licenses in Saudi Arabia's first mineralized belts.

These licenses cover the Jabal Sayid and Al-Hajjar mining sites, spanning a total area of 4,788 square kilometers, according to a statement today, Nov. 26.

The qualified companies include major mining firms renowned for developing and producing critical minerals essential for future downstream industries. These companies are: Zijin Mining Group Ltd., Hancock Prospecting Co., Noring Ajlan & Bros. Mining Co., IGO Ltd., Silvercorp Metals Inc., First Quantum Minerals Ltd., Vedanta Ltd., McEwen Mining Inc., Al Masane Al Kobra Mining Co. (AMAK), K92 Mining Co., along with three consortiums of Orogen Royalties & Altius Minerals Corporation; Artar & Gold and Minerals Ltd. Co. (GMCO); and Pan African Resources & Saudi Gold Refinery.

The ministry explained that the tender for exploration licenses for these mineralized belts followed top-tier criteria assessing the companies' technical capabilities and financial competence.

The tender consists of several phases, beginning with the pre-qualification stage, followed by the release of the information memorandum and an invitation to submit technical work programs, as well as social and environmental impact plans.

Winners will be announced in January 2025, coinciding with the fourth International Mining Conference in Riyadh, scheduled for Jan. 14-16.

The ministry highlighted that the tendered mineralized belts include three exploration licenses in Jabal Sayid Mine, covering 2,892 square kilometers. This area encompasses various base and precious metals, including copper, zinc, lead, gold, and silver.

Additionally, two exploration licenses were available for the Al-Hajjar site within the Wadi Shwas Belt, spanning 1,896 square kilometers, being rich in precious and base metals such as copper, zinc, gold, and silver.

Jabal Sayid Mine also features the Mahd adh Dhahab gold mine, the oldest in Saudi Arabia, known for its deposits of gold, silver, and copper. Jabal Sayid itself is the largest copper-producing mine in the Kingdom.

Meanwhile, the Al-Hajjar site, which includes the currently inactive Al-Hajjar gold and copper mine, boasts an annual output of approximately 40,000 ounces of gold.

The ministry also announced plans to hold a workshop for the qualified bidders, offering detailed geological data about the targeted belts. Additionally, a field tour will be organized for qualified bidders and investors to visit the exploration sites at Jabal Sayid and Al-Hajjar.

This initiative is part of the ministry’s strategy to accelerate the exploration and exploitation of Saudi Arabia’s mineral resources, valued at SAR 9.3 trillion. It aligns with Saudi Vision 2030, which positions the mining sector as the third pillar of the national industry.