Eight local and international companies have qualified to compete for a license to detect metals at the al-Khnaiguiyah mining site in Riyadh.
The Saudi Ministry of Industry and Mineral Resources announced the list of qualified contenders from the pre-qualification stage for obtaining a metal detection license seeking to transform the mining sector into the third pillar of the national industries.
The ministry had announced the launch of the licensing round of the Khnaigiuyah exploration license at the beginning of this year, based on a new mining investment system, which represents a significant launch for the journey of exploiting the Kingdom's vast mineral resources.
The Khnaigiuyah deposit is the largest exploration site in the Kingdom, covering an area of more than 350 square kilometers. It has vast mining potential, with approximately 25 million tons of ore at 4.11 percent of zinc and 0.56 percent of copper.
The ministry listed in a press statement the qualified companies as follows: Essel Mining & Industries Limited, Alara Saudi Ventures, Ivanhoe Electric Inc, Saudi Arabian Mining Company (Maaden), Vedanta Limited, al-Masane Al Kobra Mining Company (AMAK), and Moxico Resources, and Norin Mining Company.
The ministry explained that the list of bidders marks the end of the first stage of the licensing round process.
Qualified bidders will receive the information memorandum, which sets out the requirements for qualified bidders to submit their best proposals for the site.
Qualified bidders are given two months to complete and submit their proposals.
Proposal submissions will be assessed based on several criteria, including technical and commercial terms and financial, social, and environmental management plans.
Qualified bidders can access the data room, which will be updated shortly with further documentation of an independent technical report and additional data relating to the site, such as a complete land survey and a social study conducted for the site.
The ministry confirmed that the local communities near the site are a top priority due to the Kingdom's commitment to environmental and social sustainability standards.
It called on the companies submitting their offers to confirm their serious commitment to these standards.