The Industry and Mineral Resources Ministry awarded exploration licenses for six sites in Riyadh and Makkah under its seventh exploration tender, according to state news agency SPA. The tender saw 11 firms submitting a total of 24 bids, the ministry said. The concessions are expected to carry copper, zinc, gold, silver, and lead deposits.

The awardees:

  • Al Masane Al Kobra landed three licenses to explore concessions in North Jabal Al Khallah and South Jabal Al Khallah in Riyadh, and Jabal Al Daama in Makkah;
  • The Um Ajlan concession in Riyadh went to a consortium of ARTAR and Gold and Minerals Company ;
  • A consortium of the Arabian Gulf Mining Company and India’s Skylark secured a license for Wadi Al Laith in Riyadh;
  • Canada’s Power Nickel landed exploration rights for Jabal Baydan in the Hijaz Mountains.

More licenses coming: The ministry also plans on putting on offer 50k sq km of mineral concessions during the ongoing Future Minerals Forum, with prospects for gold, copper, and zinc.

REMEMBER- Saudi Arabia has big mining plans: The ministry launched a SAR 685 mnincentive package last year as part of efforts to expand the sector and tap reserves of gold, phosphate and others. The goal is to attract local and foreign mining investors as part of a push to become a global hub for metals critical for the energy transition and become an EV manufacturing hub. The nation’s untapped mineral resources are worth c. USD 2.5 tn, or 90% more than the last forecast in 2016.

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