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The Industry and Mineral Resources Ministry has handed exploration licenses at six mining sites to five companies, granting them the right to explore for gold, silver, zinc, and copper, it said in a statement. The sites have a combined total area of 1k sq km.
Who got what?
- Al Masane Al Kobra Mining (AMAK) received two separate licenses, setting aside SAR 46 mn for technical works in Jabal Qaran which spans 46 sq km and holds reserves of gold, copper and lead. AMAK also set aside an identical fee for exploration works at the 274 sq km Al Hijra site which includes gold, copper and zinc reserves;
- Ma’aden was awarded the An Nimas site, which spans 228 sq km and has gold, silver and copper reserves. Ma’aden set aside SAR 17.9 mn for exploration and excavation works;
- Eqleed Group and Indotan Mining received the license for Makman Hijab, a Riyadh site spanning 180 sq km with gold and silver reserves;
- Royal Roads Arabia received the Al Miyah site in Mecca, pledging SAR 14.6 mn for exploration works at the 228 sq km site which contains gold, silver and copper reserves;
- Discovery Arabian Mining secured the license for the Al Halahilah site, which spans 34 sq km and contains gold, zinc and copper reserves.
The next round of bidding is scheduled for 3Q 2024, with nine licenses up for grabs. More details on the licenses that will be on offer on the Taadeen platform.
REFRESHER- The ministry announced plans earlier this year for an incentive program to encourage exploration. It has gold and phosphate in mind, among others. The nation’s untapped mineral resources could be worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January.
