(MENAFN) The Saudi Ministry of Industry and Mineral Resources has unveiled an unprecedented initiative by introducing mineral belts covering a vast area of 4,788 square kilometers. This initiative aims to attract both local and international exploration and mining companies to compete for exploration licenses. The ministry’s plan to launch these competitions is part of a broader strategy to expedite the exploration and exploitation of Saudi Arabia’s substantial mineral resources, estimated to be worth approximately 9.3 trillion riyals (around 2.48 trillion dollars).
The newly offered mineralized belts include three exploration licenses in the Jabal Sayyad belt, which spans 2,892 square kilometers and is rich in base and precious metals such as copper, zinc, lead, gold, and silver. Additionally, two exploration licenses are available in the Al-Hajar site within the Wadi Shawas belt, covering 1,896 square kilometers and containing a variety of valuable metals, including copper, zinc, gold, and silver.
Jarrah bin Mohammed Al-Jarrah, the official spokesperson for the Saudi Ministry of Industry and Mineral Resources, highlighted that the offering of these extensive sites marks a first in the Kingdom’s history. This initiative aims to draw significant international and local mining companies to explore strategic minerals that are crucial for energy transformation and the advancement of other industrial sectors.
The competition process for the exploration licenses will adhere to transparent standards and be conducted in multiple stages. The pre-qualification phase will take place from July to October 2024, followed by the release of the information memorandum and invitations to submit bids, technical work programs, and social and environmental impact plans in December 2024. The winners of the exploration licenses will be announced in January 2025, marking a significant milestone in Saudi Arabia’s efforts to become a major player in the global mining industry.
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