Saudi Gazette report

RIYADH — The Saudi Ministry of Industry and Mineral Resources opened on Wednesday the bidding for seven new exploration licenses. According to the ministry, the total area covered by the new licenses is close to 1,000 square kilometers.

This is part of the ministry’s Accelerated Exploration Program initiative, which aims to expedite the exploration and development of the Kingdom’s estimated SR9.3 trillion worth of mineral resources, in line with the Saudi Vision 2030 objective of making the mining sector the third pillar of the national industry.

According to the ministry, the seven sites for which it will grant exploration licenses contain a variety of precious and base metals; among them are Umm Qasir in the Riyadh region, with gold, silver, lead, and zinc deposits spread over 20 square kilometers; and Jabal Sabha in Riyadh with silver, lead, zinc, and cobalt reserves spread over 171 square kilometers.

In Aseer, Wadi Ad Dawsh contains gold, silver, and copper deposits in an area of 157.7 square kilometers. Shaib Marqan in Riyadh spans 92 square kilometers and holds gold, silver, and copper. Wadi Al-Junah in Aseer extends over 425.37 square kilometers and is a source of copper, silver, zinc, and gold. Hazm Shubat, also in Aseer, covers 93.47 square kilometers and contains gold. The sites also include Huwaymidan in Makkah that encompasses 34 square kilometers and contains gold.

The ministry set early September 2024 as the final deadline for submitting proposals for the exploration license bids. A transparent and fair evaluation process will assess factors such as work programs, technical capabilities, social impact plans, and innovative initiatives, with 70 percent weight on technical aspects and 30 percent on community contributions.

To support exploration, the ministry has introduced new incentives, in collaboration with the Saudi Investment Ministry, including up to SR7.5 million in funding for companies having exploration licenses less than five years old, in addition to the existing mining investment incentives like 100 percent foreign ownership and up to 75 percent capital expenditure financing.

Interested investors can visit the Ta'adeen platform to access information and technical data for the seven new sites, the Saudi Press Agency reported.