Industry Ministry extends bidding deadline for exploration licenses

Logo of The Ministry of Industry and Mineral Resources

Saudi Arabia’s Ministry of Industry and Mineral Resources extended the deadline for submitting bids and technical work programs for mining exploration licenses in the Kingdom’s first mineralized belts to Jan. 21, 2025.

The extension was granted in response to requests from local and international companies seeking additional time to complete the required procedures, the Ministry said in a statement today.

The move aims to attract further investments and boost competitiveness in the mining sector, the ministry added.

The bidding process follows the highest standards of transparency and governance, proceeding through several stages. It begins with pre-qualification, followed by the submission of an information memorandum, requests for proposals, and technical work programs for exploration, as well as social and environmental impact plans.

The winners of the exploration licenses are set to be announced on Feb. 16, 2025, according to the ministry.

In July, the ministry invited local and international firms to bid for exploration rights in the mineral belts, which span 4,788 square kilometers. The areas include the Jabal Sayid and Al-Hajjar mining sites.

Qualified bidders announced in November include Zijin Mining Group Ltd., Hancock Prospecting Co., Noring Ajlan & Bros. Mining Co., IGO Ltd., Silvercorp Metals Inc., First Quantum Minerals Ltd., Vedanta Ltd., McEwen Mining Inc., Al Masane Al Kobra Mining Co. (AMAK), and K92 Mining Co. Three consortiums—Orogen Royalties & Altius Minerals Corporation; Artar & Gold and Minerals Ltd. Co. (GMCO); and Pan African Resources & Saudi Gold Refinery—are also competing.