The ministry has invited major mining and exploration companies from across the world to participate in the ongoing Exploration Licensing Rounds which are aimed to unlock the belts’ vast mineral wealth
Staff Writer, Mubasher
The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release.
The ministry has invited major mining and exploration companies from across the world to participate in the ongoing Exploration Licensing Rounds which are aimed to unlock the belts’ vast mineral wealth.
The licences are integral to the Saudi ministry’s strategy of promoting increased exploration investment while complying with Saudi Arabia Vision 2030 objectives. The Kingdom, through its vision, intends to position mining as the third pillar of its national industry.
The ministry’s recent licences differ significantly from the previous rounds as they cover larger areas and exploration sites while being specifically targeted at high-net asset companies that own developed base metals and precious metals mines.
Jarrah bin Mohammed Al Jarrah, the ministry’s official spokesperson, disclosed that five exploration licences are currently available for local and international mining companies.
Exploration Licensing Rounds
The Saudi government calls on major local and international mining and exploration companies to partake in the current rounds that cover the following mineralised belts:
– Three exploration licenses at the Jabal Sayad mineralised belt covering 2,892 square kilometres and including copper, zinc, lead, gold, and silver.
– Two exploration licenses at Al Hajjar site in the Wadi Shwas VMS Belt covering 1,896 square kilometres and containing deposits of gold, silver, copper, and zinc.
The official spokesperson elaborated that Jabal Sayad and Al Hajjar are the largest mineralised belt sites Saudi Arabia has ever launched.
He added that bidding for the exploration licences would be conducted with utmost transparency and through several stages, starting with the pre-qualification stage from July to October 2024.
“This will be followed by the invitation for qualified bidders to submit technical expertise proposals and the social and environmental impact management plans in December 2024, which will culminate in the announcement of the winner and the grant of the exploration licence in January 2025,” according to the ministry’s statement.
It is worth highlighting that the Arabian Shield, known for its rich mineral resources, contains an extensive number of mineralised belts estimated at SAR 9.50 trillion in value. Therefore, Saudi Arabia has the potential for significant economic contributions and its position as a global mining and mineral sector player.
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