{"id":88031,"date":"2024-07-22T00:00:00","date_gmt":"2024-07-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/22\/five-explorations-licenses-are-now-up-for-grabs-for-largest-mineralized-belts-ever-offered-to-investors\/"},"modified":"2024-07-22T00:00:00","modified_gmt":"2024-07-22T00:00:00","slug":"five-explorations-licenses-are-now-up-for-grabs-for-largest-mineralized-belts-ever-offered-to-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/22\/five-explorations-licenses-are-now-up-for-grabs-for-largest-mineralized-belts-ever-offered-to-investors\/","title":{"rendered":"Five explorations licenses are now up for grabs for \u201clargest mineralized belts\u201d ever offered to investors"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MINING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Industry and Mineral Resources Ministry is offering five exploration licenses to <\/strong><strong>foreign and domestic investors <\/strong>in what <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2142031\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> says are the \u201clargest mineralized belts\u201d to be offered so far. Three exploration licenses are being offered in the Jabal Sayid mining site in Madinah, with the remaining two are reserved for Al Hajjar mining site in Aseer. Both sites could include deposits of gold, silver, copper, zinc and lead, according to the ministry. At 4.7k square kilometers in total, the licenses cover the largest exploration zone offered to date, the ministry said. The bidding round comes <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/468812a9-71f6-4bdd-a0cf-8d2252e75cf7\" style=\"\" rel=\"noopener\">nearly a month<\/a> after the ministry handed exploration licenses at six mining sites to five companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Saudi is ramping up investment in mineral exploration: <\/strong>The Industry and Mineral Resources Ministry unveiled <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e05daf4b-eff6-4b06-997c-6fa072982e5e\" style=\"\" rel=\"noopener\">earlier this year<\/a> 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\u2019s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/01\/10\/saudi-arabia-nearly-doubles-estimate-for-the-value-of-its-mineral-resources-.html\" style=\"\" rel=\"noopener\">earlier in January<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS WATCH<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sipchem earnings drop on higher feedstock costs: <\/strong>Tadawul-listed petrochemicals firm <a target=\"_blank\" href=\"https:\/\/www.sipchem.com\/en\" style=\"\" rel=\"noopener\">Sipchem<\/a> \u2019s net income fell 61.2% y-o-y to SAR 121.5 mn in 2Q 2024 on the back of higher feedstock prices \u2014 including those of natural gas, ethane, butane, ethylene, and propane \u2014 it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8yMzEwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgxNDMy\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. The company\u2019s revenues for the quarter rose 4% to SAR 1.8 bn thanks to higher sales volumes despite a periodic turnaround maintenance at several of its affiliates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s bottom line fell <\/strong><strong>61.3%<\/strong><strong> in 1H 2024 to SAR 303 mn<\/strong> on revenues of SAR 3.7 bn (-2.5%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Alandalus Property affiliate breaks ground on a SAR 831 mn project: <\/strong>Masat Property, an affiliate of Tadawul-listed <a target=\"_blank\" href=\"https:\/\/alandalus.com.sa\/\" style=\"\" rel=\"noopener\">Alandalus Property<\/a>, has broken ground on a SAR 831 mn shopping center southwest of Mecca, after tapping Hamat Holding to develop the project, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qCGId6BALsgxSxIpiSPHgdKvbx5IiBYqavngHc_Mzi5xyZq4CTuEPlOhSFhU1BvX2HaoAe2-CRPoL97AAMcylgtT67UNsrommCPLgNmYzibtbgesDyDuv_TgTDswe5-O9CHMwQLjMT3cOfSB_u41ZUKfu0WCwatlD6luGt2fhBsj_mjye4aK8EfIAXH9SHj1wmni6aZPXIl7lChbuSzgQKk0e2lAA47HY8sXwo-wxUXcgFuSQGSKrK-ZxMGkWlf37j5sjawkZiKXHMncR0WTROQJxxgTNQwz1WOKkRlnPMAhHjCaMh-JU87HdocwEzIrWWRTIhlyJWQvtXfn-hR7IqrfqRS7nKvFKcUaUKKwPr_TwtQJv4pKg9qISR5cuOX_OI89lD2PbNoltJcivhiwMjUvM9cibdvUqib4qZzKrObtCsUUZSjKhGm8XK4htJuud9L1mMamfn2P9OkbK6f_eg!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MzIwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgxNDIy\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Commercial operations at the center, which will be mainly financed through bank loans, are slated to kick off in 2Q 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-storey center will feature 350 rental units,<\/strong> including retail outlets, coffee shops, restaurants, and a hypermarket. It will also have a multi-level parking garage that can accommodate up to 1.8k vehicles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Hassana Investment to <\/strong><strong>develop real<\/strong><strong> estate project in Riyadh: <\/strong>Hassana Investment \u2014 the investment manager of the General Organization of Social Ins. \u2014 signed an MoU with Dar wa Emaar Real Estate Investment and Development Co. to develop a 1.2 mn sqm real estate project in Qadisiyah in northern Riyadh, according to a <a target=\"_blank\" href=\"https:\/\/hassana.com.sa\/en\/newsroom\/hassana-and-dar-wa-emaar-sign-mou-to-develop-12-million-sqm-real-estate-project-in-riyadh\/\" style=\"\" rel=\"noopener\">statement<\/a>. The planned project will feature up to 4k modern residential units and 100k sqm of retail space, offering residential, educational, entertainment, and retail facilities. They will also plan and develop the infrastructure, public amenities, and potential anchor real estate assets for the project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Sipchem\u2019s net income was down y-o-y in 2Q due to higher feedstock prices<\/p>\n","protected":false},"author":1,"featured_media":88032,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[1587,54,2913,10,2009,2912,50,885],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-alandalus-property","tag-also-on-our-radar","tag-dar-wa-emaar","tag-enterpriseam-ksa","tag-hassana-investment","tag-masat-property","tag-mining","tag-sipchem","wpautop","entry"],"acf":{"mongo_id":"1082902e-9e1b-42a1-8f50-0dd37c138217","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1644.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Five explorations licenses are now up for grabs for \u201clargest mineralized belts\u201d ever offered to investors","related_issue":[88020],"teaser":"Plus: Sipchem\u2019s net income was down y-o-y in 2Q due to higher feedstock prices","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.87fa9649-ae3d-422a-a0c5-790afc08d81f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Five explorations licenses are now up for grabs for \u201clargest mineralized belts\u201d ever offered to investors - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/07\/22\/five-explorations-licenses-are-now-up-for-grabs-for-largest-mineralized-belts-ever-offered-to-investors\/\" \/>\n<meta property=\"og:locale\" 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