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The Ministry of Industry and Mineral Resources, Saudi Arabia has announced the qualified bidders for its inaugural mineralized belts licensing round. This landmark initiative has attracted prominent local and international mining companies vying for five exploration licenses covering 4,788 square kilometers. Following is the list of Qualified bidders: First Quantum Minerals Ltd Zijin Mining Group Ltd Hancock Prospecting A consortium of Artar & Gold and Minerals Noring Ajlan & Bros Mining Co a consortium of Pan African Resources & Saudi Gold Refinery IGO Limited Vedanta Limited Silvercorp Metals Inc K92 Mining McEwen Mining Inc A consortium of Orogen Royalties & Altius Minerals Corporation Al Masane Al Kobra Mining Company These exploration licenses form a key part of the Ministry’s strategy to attract investment in mineral exploration, aligning with Vision 2030’s goal of making mining the third pillar of Saudi Arabia’s national industry. The scale of these licenses significantly exceeds previous rounds, targeting major operators in base and precious metals. Saudi Arabia is actively seeking investors with the technical expertise and financial capacity to identify tier-one deposits across areas exceeding 1,000 square kilometers. With extensive infrastructure and a competitive fiscal framework, the Kingdom is positioned to develop new world-class mining sites. Unlike revenue-driven approaches, this licensing round is merit-based, emphasizing technical excellence and high-quality exploration programs. The Ministry has established a transparent, multi-stage bidding process. After the pre-qualification stage, eligible bidders will submit proposals outlining their technical capabilities, work plans, and strategies for managing social and environmental impacts. Winners will be announced during the Future Minerals Forum in Riyadh, set for January 14–16, 2025. |
