Saudi Arabia Calls on Global Mining Companies to Explore Mineralized Belts

The Ministry of Industry and Mineral Resources has unveiled a substantial 4,788 km² mineralized belt encompassing five exploration licenses, marking its most ambitious exploration initiative to date. The ministry extends an open invitation to prominent mining and exploration entities to participate in ongoing licensing rounds, aiming to capitalize on the region's substantial mineral potential.

The ministry is extending invitations to major mining and exploration companies to participate in the ongoing Exploration Licensing Rounds, designed to unlock the vast mineral wealth within these belts. Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, emphasized that this initiative underscores Saudi Arabia’s dedication to developing a robust mining and minerals sector. He noted that five exploration licenses are available, providing significant opportunities for both local and international mining companies to explore the Kingdom's mineral resources.

These exploration licenses are central to the Ministry’s strategy of boosting exploration investment and supporting Vision 2030, which aims to establish mining as a key pillar of the national industry. The ministry invites major local and international mining and exploration companies to engage in the Exploration Licensing Rounds for two prominent mineralized belts. The Jabal Sayad belt, spanning 2,892 km², offers three licenses with potential for copper, zinc, lead, gold, and silver. Additionally, two licenses are available at the Al-Hajjar site within the Wadi Shwas VMS Belt, covering 1,896 km², which includes deposits of gold, silver, copper, and zinc.

According to Al-Jarrah, the Jabal Sayad and Al-Hajjar mineralized belts represent the largest exploration sites ever launched by the Kingdom. The Jabal Sayad belt, located northeast of Jeddah and east of Madinah, encompasses the Jabal Sayad and Mahd Al-Thahab mines. Meanwhile, the Al-Hajjar site, part of the Wadi Shwas VMS Belt in Saudi Arabia’s Asir Terrane, offers two exploration licenses. This area is renowned for its abundant gold, copper, and zinc deposits and previously hosted the Alhajjar mine, which produced around 40,000 ounces of gold annually before becoming inactive.

The spokesperson announced that the bidding process for the exploration licenses will be conducted with the highest level of transparency and will unfold in multiple stages. The initial pre-qualification stage is scheduled to run from July to October 2024. Qualified bidders will then be invited to submit their technical expertise proposals along with social and environmental impact management plans in December 2024. The process will conclude with the announcement of the winning bid and the grant of the exploration licenses in January 2025. This detailed approach is essential given the extensive size of the exploration sites available for bidding.