Riyadh, January 10, 2024, The Ministry of Industry and Mineral Resources in Saudi Arabia announced the preferred bidders for the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative. This initiative is designed to effectively leverage the Kingdom's mineral resources in support of the development and growth of the mining sector, aligning with the goals of Saudi Vision 2030 and the National Industrial Development and Logistics Program.
The preferred bidders, selected after a comprehensive evaluation of technical and social aspects, include Ajlan & Bros and Norin Mining Ltd Consortium for the Bir Umq exploration site, Royal Roads and MSB Holding Consortium for the Jabal Sahabiyah exploration site, and Sumou Holding with Kuya Silver Consortium for the Umm Hadid exploration site.
According to the ministry's press release, exploration licenses will be issued in accordance with the Mining Investment Law, which mandates that companies seeking mining licenses in the Kingdom demonstrate technical expertise and a commitment to social and environmental impact management plans. The licensing rounds are consistent with Saudi Arabia's efforts to achieve sustainable development in the mining sector.
The Bir Umq mining site, located in Mahd Ad Dhahab in the west of the Kingdom, covers approximately 187 km2 and includes copper and zinc deposits. Ajlan & Bros Norin Mining Ltd Consortium will invest over SAR 110 million in exploration activities and commit SAR 15 million for local community initiatives.
The Jabal Sahabiyah mining site, situated in the Tathleeth region in the south of the Kingdom, covers about 283 km2 and contains zinc, lead, and copper deposits. The Royal Roads and MSB Holding Consortium will invest more than SAR 20 million in exploration work and commit SAR 450,000 for local community initiatives.
The Umm Hadid mining site, located in the Afif region in the center of the Kingdom, covers approximately 246 km2 with deposits of silver, lead, copper, and zinc. The Sumou Holding and Kuya Silver Consortium will invest SAR 83 million in exploration work and commit over SAR 3 million to local community initiatives.
The ministry reaffirmed its commitment to a competitive auction process for exploration licenses, encouraging the participation of new companies in the Kingdom's metals and minerals sector. Rigorous evaluation processes will prioritize fairness and transparency in competitor selection.
The ministry will continue efforts to maximize the economic impact of mining investments, attracting a diverse range of companies to develop exploration sites in the Kingdom and leveraging mineral resources to support the development of promising industries.
