Mining exploration license competition results are out: The Industry and Mineral Resources Ministry awarded nine exploration licenses for 25 sites in Makkah’s Nabitah Al Duwaihi belt, according to state news agency SPA. The companies and consortia awarded the licenses pledged to spend a combined SAR 156 mn on exploration at the sites.

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Who’s been awarded licenses: Batin Al Ard for Gold, Aurum Global Group, Al Masar Minerals, the Saudi Gold Refinery, and The Distinct Mining were each awarded a license. The ministry also handed out licenses to four consortiums: Hancock Prospecting Midana Exploration and the Saudi Arabian Mining Company (Ma’aden); Shandong Gold Group and Ajlan and Bros Mining and Metals Company ; Technology Experts and Andiamo Exploration ; McEwen and Sumou Holding.

More licenses are up for grabs in the same location: Bidding is currently underway for more licenses for 10 additional sites within the same belt. Bidders have until the end of today to throw their hats in the ring, with results expected to be announced after the ministry reviews the offers. Meanwhile, the ministry body pulled the plug on the auction for the ND26 site in the Nabitah-Ad Duwayhi belt, after exploration bids were determined to be commercially unfeasible.

And another tender coming for other sites: The ministry is separately set to kick off a multi-round auction for the exploration rights of 162 new mining sites in the Al Naqrah and Al Sukhaybirah Safra belts in Madinah on 28 September. The auction is part of its plan to offer over 50k sq km of mineral-rich belts during 2025 for widening the investment base and expanding spending on exploration activities in a bid to attract more local and international investors.

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