Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Tuesday that nine local and international companies and consortia have won the multi-round auction in exploration spending for exploration licenses for 25 sites in the Nabitah-Ad Duwayhi Belt in Makkah Region, committing over SAR156 million in exploration spend.
The ministry also stated that the competition for an additional 10 sites in the same belt will resume from September 16 to 18, with final results to be announced after all regulatory procedures are completed.
The list of winners includes prominent companies and consortia, namely the Ma’aden and Hancock Prospecting “Midana Exploration Pty Ltd” consortium; the Ajlan and Bros Mining and Shandong Gold Group consortium; the Technology Experts and Andiamo Exploration Ltd consortium; the McEwen Inc. and Sumo Holding consortium; Al-Eitilaf Al Mumayaz for Mining Company; Saudi Gold Refinery; Batin Al-Ard for Gold; Aurum Global Group; and Almasar Minerals.
The competition for the final site (ND26) in the Nabitah-Ad Duwayhi Belt was suspended after the exploration spending bids exceeded expected technical evaluations and reached levels deemed practically unfeasible, revealed the ministry.
The site re-evaluation will be conducted on the approved timeline in accordance with the Mining Investment Law and its executive regulations, as well as mining tender guidelines, ensuring fairness, transparency, and protection of investors’ interests.
Moreover, the ministry announced its readiness to launch the multi-round auction in exploration spending for 162 new mining sites in the Al-Naqrah and Al-Sukhaybirah Safra belts in the Madinah Region on September 28.
The move is part of the ministry’s plan to offer over 50,000 square kilometers of mineral-rich belts during 2025, aiming to expand the investment base, increase spending on exploration activities, and open broader opportunities for local and international investors.
The growing interest from leading global companies reflects confidence in Saudi Arabia’s mining sector, whose mineral resources are valued at over SAR9.4 trillion, stressed the ministry. The sector is a key pillar of Saudi Vision 2030, supporting economic diversification and positioning the Kingdom as a leading global destination for mining.
