The Ministry of Industry and Mineral Resources in Saudi Arabia has launched its most ambitious project yet, opening up an area of 4,788 square kilometres across five exploration licenses for mineral exploration, as disclosed in a recent announcement.
Major global mining and exploration firms are being invited to take part in the ongoing Exploration Licensing Rounds. These initiatives are key to the ministry’s plan to foster greater exploration investment while aligning with the goals of Saudi Arabia’s Vision 2030, which aims to make mining a cornerstone of the national economy.
Notably, the current licenses offered are distinct from earlier ones in their size and focus, targeting wealthy companies with established operations in base and precious metals mining.
Jarrah bin Mohammed Al Jarrah, the ministry’s spokesperson, confirmed the availability of five licenses for companies both within Saudi Arabia and internationally.
Of the available licenses, three are for the Jabal Sayad mineralised belt, which encompasses 2,892 square kilometres and is rich in copper, zinc, lead, gold, and silver. The remaining two are for the Al Hajjar site within the Wadi Shwas VMS Belt, covering 1,896 square kilometres and holding deposits of gold, silver, copper, and zinc.
The spokesperson underscored the significance of Jabal Sayad and Al Hajjar as the largest mineralised belt sites ever launched in the nation.
The licensing process will be marked by transparency and consist of multiple phases, commencing with a pre-qualification stage from July to October 2024. Qualified bidders will then be invited to present their technical expertise proposals and their plans for managing social and environmental impacts in December 2024. The final stage will see the announcement of the winning bid and the awarding of the exploration license in January 2025.
Given that the Arabian Shield is home to a wealth of mineral resources, with mineralised belts valued at an estimated SAR 9.50 trillion, Saudi Arabia is poised to make substantial economic strides and solidify its status as a significant player in the global mining and mineral sector.
