Saudi Arabia Launches Extensive Mineralized Belts For Global Exploration Licensing

The Ministry of Industry and Mineral Resources has unveiled its largest mineralized belts, spanning 4,788 km² with five exploration licenses. The ministry is inviting major mining and exploration firms to join the Exploration Licensing Rounds to tap into these vast mineral resources.

Jarrah bin Mohammed Al-Jarrah, the ministry’s spokesperson, emphasized Saudi Arabia's dedication to developing a robust mining sector and creating investment opportunities. He mentioned that five exploration licenses are available for both local and international companies. These efforts align with Vision 2030, aiming to make mining a key pillar of the national industry.

The Jabal Sayad belt offers three exploration licenses over 2,892 km², rich in copper, zinc, lead, gold, and silver. Additionally, two licenses are available at Al-Hajjar site in the Wadi Shwas VMS Belt covering 1,896 km². This site contains deposits of gold, silver, copper, and zinc.

Al-Jarrah highlighted that Jabal Sayad and Al-Hajjar are the largest mineralized belts ever launched by the Kingdom. Located northeast of Jeddah and east of Madinah, Jabal Sayid includes the Jabal Sayid and Mahd AlThahab Mines. The Al-Hajjar site in Asir Terrane previously hosted a mine producing around 40,000 ounces of gold annually before becoming inactive.

The bidding process for these exploration licenses will be transparent and multi-staged. It starts with pre-qualification from July to October 2024. Qualified bidders will then submit technical proposals and social and environmental impact plans in December 2024. The winner will be announced in January 2025 when the exploration license is granted.

This comprehensive approach is essential due to the large size of the sites up for bidding. Al-Jarrah reiterated that all geological data related to these belts would be available on the 'Ta’adeen' platform. This ensures equal opportunities among bidders and aims to boost exploration spending in Saudi Arabia.

Commitment to Sustainability

This initiative also aims to enhance the national geological database with technical information while creating new job opportunities and fostering sustainable economic growth. It reflects Saudi Arabia’s commitment to developing its mining sector according to international standards, focusing on environmental sustainability and social responsibility.

Saudi Arabia has become a prominent mining jurisdiction recognized in the Mining Journal World Risk Report featuring MineHutte. The Kingdom is noted for its efficient license permitting process and attractive regulatory framework, making it an appealing destination for investors seeking a stable business environment.

Investors interested in participating can visit https://taadeen.sa/en/mining-bids for more details on competition procedures and access necessary technical reports for these sites.

With inputs from SPA