The Saudi Ministry of Industry and Mineral Resources has invited both local and international investors to bid for seven new mining exploration licenses in the Makkah region (west of the Kingdom) and the capital Riyadh, covering a total area of 1,070 square kilometers.
This initiative is part of the ministry’s ongoing efforts to accelerate the exploration of the Kingdom’s mineral wealth, in line with the objectives of Vision 2030, which aims to make the mining sector the third pillar of Saudi industry, according to a statement from the ministry.
The ministry explained that the proposed exploration license sites contain valuable mineral resources, including base metals such as gold, copper, zinc, lead, and silver. Four of the sites are located in the Makkah region, including the Wadi Al-Leith site, which spans more than 243 square kilometers and is rich in copper, zinc, and gold.
Additionally, the Jabal Baydan site covers 244 square kilometers and contains deposits of copper, gold, zinc, silver, and lead. The Umm Hajlan - Maamalah site, covering 78 square kilometers, contains copper, lead, and gold deposits. The Jabal Al-Da’ma site, with an area of 210 square kilometers, has deposits of silver, lead, and zinc.
The remaining three sites are located in the Riyadh region. These include the Jabal Al-Khulla - North site, which spans over 98 square kilometers and contains deposits of zinc, silver, and lead, and the Jabal Al-Khulla - South site, covering more than 19 square kilometers with deposits of zinc, lead, and silver. The Jabal Subha site, covering 171 square kilometers, contains deposits of silver, lead, zinc, and cobalt.
The ministry noted that the bidding phase for the exploration licenses began in mid-October and will continue until mid-November. The winners of the seventh round of bidding are expected to be announced in December.
The ministry emphasized that the competition will evaluate the technical competence of the bidders, with 70% of the evaluation criteria focused on work plans and technical ability, while 30% will be based on community contributions and innovation support activities, aligning with the ministry’s principles of governance, transparency, sustainability, and environmental and social responsibility.
The Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, had previously launched a program to empower mining exploration, offering a package of incentives to reduce risks for exploration companies in the early stages of their projects. This is in addition to the incentives provided under the Mining Investment Law, which allows the establishment of 100% foreign-owned companies and offers financing of up to 75% of capital costs.
