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)
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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.



Türkiye Sees ‘Genuine’ Disinflation Prospects, Says Central Bank Deputy Governor 

People walk as simit, a traditional Turkish bagel, are displayed at a stall for sale at Eminonu district in Istanbul, Türkiye, April 23, 2025. (Reuters)
People walk as simit, a traditional Turkish bagel, are displayed at a stall for sale at Eminonu district in Istanbul, Türkiye, April 23, 2025. (Reuters)
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Türkiye Sees ‘Genuine’ Disinflation Prospects, Says Central Bank Deputy Governor 

People walk as simit, a traditional Turkish bagel, are displayed at a stall for sale at Eminonu district in Istanbul, Türkiye, April 23, 2025. (Reuters)
People walk as simit, a traditional Turkish bagel, are displayed at a stall for sale at Eminonu district in Istanbul, Türkiye, April 23, 2025. (Reuters)

Türkiye is facing genuine disinflation prospects, its deputy central bank governor said on Wednesday, adding that it was replenishing reserves following the hit to them in the wake of recent political turmoil.

"For the first time, I believe we are facing genuine disinflation prospects in the true sense of the world," Central Bank Deputy Governor Osman Cevdet Akcay said during a panel discussion at the European Bank for Reconstruction and Development annual meeting in London.

"So, we might see a break in inflation numbers suddenly to be sustained."

He added the central bank was rebuilding the country's reserves "slowly but surely."