Saudi Arabia Invites Global Investors As Pre-Qualification Deadline Extended For Major Mineral Exploration Licenses

The Ministry of Industry and Mineral Resources (MIM) has extended the deadline for the Pre-Qualification Questionnaires (PQQ) stage for mineral exploration licenses. This extension applies to its largest mineralized belts, spanning a vast area of 4,788 km². Jarrah bin Mohammed Al-Jarrah, the ministry's official spokesperson, explained that this extension aims to attract more investors and enhance competition.

Al-Jarrah highlighted that the tendering process will be transparent and involve several stages. The PQQ stage will occur from October 7 to 31, 2024. Following this, qualified bidders will be invited in November 2024 to submit technical work program proposals and plans for managing social and environmental impacts. The final proposals are due by December 2024, with the winner announced in January 2025.

The Ministry is inviting major local and international mining companies to participate in the Exploration Licensing Round for Jabal Sayad and Al-Hajjar mineralized belts. At Jabal Sayad, three exploration licenses are available over an area of 2,892 km². This belt holds potential for commodities like copper, zinc, lead, gold, and silver.

Meanwhile, the Al-Hajjar site in the Wadi Shwas VMS Belt offers two exploration licenses covering 1,896 km². This area is rich in resources such as gold, silver, copper, and zinc. The comprehensive approach adopted by the Ministry is crucial due to the extensive size of these exploration sites.

Al-Jarrah reiterated the ministry's dedication to providing all geological data related to these belts on the 'Ta’adeen' electronic platform. This initiative ensures equal opportunities among bidders and is expected to increase exploration spending in Saudi Arabia.

Investors interested in participating can visit the mining platform at https://taadeen.sa/en/mining-bids. Here they can learn more about competition procedures and access necessary technical and geological reports for these sites.

This strategic move by MIM aims to foster a competitive environment while ensuring transparency throughout the tendering process. By extending deadlines and providing comprehensive data access, Saudi Arabia seeks to attract significant investment into its mineral resources sector.

With inputs from SPA