Saudi Arabia is offering five exploration licenses for the country’s most extensive mineralized belts covering a combined total area of 4.7k sqm, SPA reports. Three exploration licenses are being offered to local and foreign investors in the Jabal Sayid mining site in Madinah, with the remaining two are reserved for Al Hajjar mining site in Aseer. Both sites include critical minerals for the green transition including gold, silver, copper, zinc and lead, according to KSA’s Industry and Mineral Resources Ministry. The bidding round comes nearly a month after the ministry handed exploration licenses at six mining sites to five companies.

What’s next: The pre-qualification stage for local and global firms runs from July to October 2024, with the ministry evaluating offers in December 2024, according to SPA. The licenses would be awarded in January 2025.

REMEMBER- Saudi is ramping up investment in mineral exploration: The Industry and Mineral Resources Ministry unveiled earlier this year a fresh incentives package worth SAR 685 mn to boost mineral exploration in the Kingdom. The program was rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies. It comes as part of efforts to expand the sector and tap reserves of gold, phosphate and others. The nation’s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said earlier in January.

Saudi is upping its mining efforts: Manara Minerals, a JV between Saudi Arabian Mining (Ma’aden) and the Public Investment Fund completed the acquisition of a minority stake in Brazilian miner Vale Base Metals in May. Manara is also eying a stake in Zambia’s First Quantum Minerals copper mines Sentinel and Kansanshi, and is also about to close a USD 1 bn investment in Barrick Gold’s Reko Diq copper and gold mining project in Pakistan. Aramco is also reportedly planning to extract lithium from brine found in its oilfields.

There’s more: Saudi’s Riwaq Al Mawarid for Mining — a subsidiary of Australian battery chemicals and technology company EV Metals Group — signed a binding earn-in joint venture agreement with UK exploration company Power Metals Resources to expand EVM's exploration activities in the Arabian Shield in March.

MORE FROM THE MINING FRONT-

Saudi's Council of Ministers approved the National Minerals Program to enhance the efficiency and continuity of mineral supply chains, Saudi Gazette reported last week. The initiative aims to support local industries and major projects by leveraging the kingdom’s significant mineral wealth. The program will focus on unifying roles among various entities to bridge any gaps in operations, and build local capacities to ensure a continuous supply of industrial materials.

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