The Saudi Ministry of Industry and Mineral Resources has recently launched a groundbreaking program, introducing extensive mineral belts that span an impressive 4,788 square kilometers. This initiative is designed to entice a range of exploration and mining corporations from around the globe to vie for exploration licenses. As part of Saudi Arabia’s strategic approach to accelerate the discovery and development of its rich mineral wealth, valued at an estimated 9.3 trillion riyals (approximately $2.48 trillion), the ministry has announced this competitive offering.
In this novel proposition, three exploration licenses are being offered within the Jabal Sayyad belt, which covers 2,892 square kilometers and boasts an abundance of both base and precious metals, including copper, zinc, lead, gold, and silver. Furthermore, two additional licenses are up for grabs in the Al-Hajar locality situated within the Wadi Shawas belt, which encompasses 1,896 square kilometers and is home to a treasure trove of metals such as copper, zinc, gold, and silver.
Spokesperson Jarrah bin Mohammed Al-Jarrah expressed that this unprecedented offer of expansive sites is a historic first for the Kingdom, aiming to attract major international and local firms to delve into strategic minerals that are vital for the transitioning energy sector and the growth of other industrial domains.
The licensing competition will be executed in an open and staged manner. The preliminary qualification round will run from July to October 2024, succeeded by the distribution of the information memorandum and the invitation for bid submissions, which will include technical work proposals and assessments of social and environmental impacts, in December 2024. The successful applicants for the exploration permits will be announced in January 2025, marking an important step in Saudi Arabia’s journey towards establishing itself as a key figure in the worldwide mining sector.
