Saudi Arabia Announces 8 Contenders for Khnaiguiyah Mines

Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
TT

Saudi Arabia Announces 8 Contenders for Khnaiguiyah Mines

Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)

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.



Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
TT

Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.