The Saudi Ministry of Industry and Mineral Resources announced the companies winning exploration licenses in the 7th round of mining competitions, which included 6 sites in the Riyadh and Makkah regions. This round represents a new step in enhancing exploration and utilizing the Kingdom‘s mineral wealth.
Details of the Winning Sites
AMAQ Mining Company won three exploration licenses for the “Jabal Al-Khala – North”, “Jabal Al-Khala – South”, and “Jabal Al-Damah” sites. Additionally, the consortium of Abdul Rahman Saad Al-Rashid and Brothers “ARTAR” with Gold and Minerals Company Limited won the exploration license for the “Umm Hujlan – Al-Maamlah” site. Furthermore, the consortium of Sky Lark and Arabian Gulf Mining Company secured the exploration license for the “Wadi Al-Lith” site, while Power Nickel won the exploration license for “Jabal Baydan”.
Wide Participation in the Competition
The 7th round attracted 24 bids from 11 local and international companies. The bids were evaluated based on technical expertise, proposed work programs, and environmental and social commitments, covering areas of up to 890 square kilometers.
Exploration Spending and Community Development
The total exploration spending by the winning companies in the 5th round exceeded SAR 126 million, in addition to approximately SAR 9 million allocated by the companies for the development of neighboring communities and providing job opportunities for their residents.
Incentives and Support for Mining Exploration
The Ministry of Industry supports companies holding exploration licenses with financial incentives of up to SAR 7.5 million. The ministry also offers opportunities for establishing foreign companies with 100% ownership and provides financing of up to 75% of capital costs through the Industrial Development Fund.
Ministry’s Plans for the Future of Mining
The Ministry of Industry aims to offer 50,000 km² of mining sites containing gold, copper, and zinc, with plans to announce details of competitions for these sites during the International Mining Conference 2025.