The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.
The initiative has been designed to effectively leverage the Kingdom’s mineral resources in support of the development and growth of the mining sector, in line with the goals of Saudi Vision 2030 and the National Industrial Development and Logistics Program.
After a comprehensive evaluation of technical and social aspects, the preferred bidders were: Ajlan & Bros and Norin Mining Ltd Consortium for Bir Umq exploration site, Royal Roads and MSB Holding Consortium for Jabal Sahabiyah exploration site, and Sumou Holding with Kuya Silver Consortium for Umm Hadid exploration site, said a statement from the ministry.
It added that the exploration licenses will be issued in accordance with the Mining Investment Law, which mandates that companies seeking mining licenses in the Kingdom demonstrate their technical expertise and commitment to social and environmental impact management plans. The licensing rounds have been designed in a manner that is consistent with the Kingdom’s efforts to reach a sustainable development of the mining sector.
The Bir Umq mining site is located in the city of Mahd Ad Dhahab, in the west of the Kingdom. Covering an area of approximately 187 km2, the site includes mineral deposits of copper and zinc. As part of the exploration license award for this site, Ajlan & Bros Norin Mining Ltd will invest over SAR110 million in exploration activities. The consortium has also committed SAR15 million for local community initiatives, including training and development programs for local communities.
The Jabal Sahabiyah mining site is located in the Tathleeth region, in the south of the Kingdom. Covering an area of some 283 km2, it includes mineral deposits of zinc, lead and copper. The winners of the exploration license, Royal Roads and MSB Holding Consortium, will invest more than SAR20 million in exploration work. They have also committed SAR450,000 for local community initiatives, including training and development of local communities.
The Umm Hadid mining site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc. The winners of the exploration license, Sumou Holding and Kuya Silver Consortium, will invest SAR83 million in exploration work. They have also committed over SAR3 million to local community initiatives, including training and development of local communities.
Following the latest licensing rounds, the ministry reiterated its commitment to designing a competitive auction process for exploration licenses, with the objective of encouraging the participation of new companies in the Kingdom’s metals and minerals sector.
It also stated that "rigorous evaluation processes will continue to prioritize fairness and transparency in competitor selection".
In addition to these initiatives, the ministry said that it will continue to dedicate its efforts to maximize the economic impact of mining investments, with a focus on promoting fundamental investments, attracting a diverse range of companies to develop exploration sites in the Kingdom, and ultimately leveraging its mineral resources to support the development of the most promising industries.
