Logo of The Ministry of Industry and Mineral Resources
The Ministry of Industry and Mineral Resources announced today awarding the license of exploring Khnaiguiyah mining site to the consortium of Moxico Resources Ltd. and Ajlan & Bros. Mining Co.
The mining license is valued at SAR 255.6 million, according to the ministry.
The mining site, which spreads over 353 square kilometers in Al Quwaiiyah governorate, Riyadh, includes estimated resources of about 25 million tons of raw materials, including zinc, copper, manganese and gold, with 4.11% zinc and 0.56% copper.
In late August, the ministry received six bids from international companies and alliances for the Khnaiguiyah exploration license, of which it accepted three.
The three bids were from an alliance between Saudi Arabia's Alara Ventures and Al Tasnim Group, an alliance including Saudi Arabian Mining Co. (Maaden) and Ivanhoe Electric Co. Ltd, as well as an alliance comprising Moxico Resources and Ajlan.
The final stage of competition started on Sept. 4, and ended with announcing the winning bidder today.
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