Industry Ministry awards four exploration licenses for multi-mineral belts

The Industry and Mineral Resources Ministry awarded its maiden multi-mineral belt licenses for the Jabal Sayid and Al Hajar mineralized belts, according to a post on X from the ministry’s spokesperson. The awardees are expected to spend some SAR 366 mn over the next three years, while funneling SAR 22 mn into local communities.

The details: The tender saw 14 bids from several pre-qualified local and international companies. The concessions are expected to carry copper, zinc, gold, silver, and lead deposits over a 4.8 sq km total area.

The awardees:

• A consortium of China’s Norin Mining and Aljan & Bros landed a license to explore the southern Al Hajar site, with a SAR 209 mn investment ticket, while committing SAR 11.2 mn for local development;
• A consortium of ARTAR, Gold & Minerals Ltd., and Jacaranda pledged a SAR 62 mn for the exploration of the northern Al Hajar site, along with SAR 4.2 mn for local development;
• India’s Vedanta landed a license for the 2.9 sq km Jabal Sayid 1, committing SAR 33 mn for exploration, plus SAR 3 mn for developing the local community;
• A consortium of Aljan and China’s Zijin Mining won the exploration rights for Jabal Sayid 2, with a SAR 62 mn investment ticket, in addition for SAR 4 mn for local infrastructure.

REMEMBER- The ministry launched a SAR 685 mn incentive package last year as part of a joint effort with the Investment Ministry to expand the sector and tap reserves of gold, phosphate, and other minerals. 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.

Reuters also had the story.