JEDDAH: Saudi Arabia has awarded exploration licenses worth SR366 million ($97.5 million) to local and international companies for its first mineral belts at Jabal Sayid and Al-Hajjar, the Ministry of Industry and Mineral Resources announced.
The awarded sites span a total area of 4,788 sq. km and are part of Saudi Arabia’s broader strategy to develop its estimated SR9.3 trillion ($2.48 trillion) mineral resources.
This initiative aligns with Vision 2030’s goal of diversifying the economy and establishing the Kingdom as a global mining hub.
Among the awarded licenses: Ajlan & Bros-Norin for Mining secured the southern Al-Hajjar site.
A consortium of Artar, Gold and Minerals Ltd. Co., and Jacaranda (owned by Australia’s Hancock Prospecting) won the license for the northern Al-Hajjar site.
Vedanta Ltd., a leading Indian mining company, was awarded the first exploration license for the Jabal Sayid belt.
A consortium of Ajlan & Bros Mining and Zijin Mining, one of the world’s top five mining companies, received a second license for Jabal Sayid.
The selection process involved 14 companies that submitted bids after passing the pre-qualification stage. The ministry evaluated them based on technical expertise, proposed work plans, and commitments to social and environmental responsibility.
The newly awarded licenses cover mineral-rich zones containing copper, zinc, lead, gold, and silver.
Ajlan & Bros-Norin for Mining will invest SR209 million in exploration at Al-Hajjar South, including 119,000 meters of drilling, and allocate SR11.2 million to local community initiatives, such as school construction.
The Artar-led consortium will invest over SR62 million in Al-Hajjar North, drilling 52,000 meters and contributing SR4.2 million to infrastructure projects.
Vedanta Ltd. has committed SR33 million to explore Jabal Sayid 1, with 22,000 meters of drilling and a SR3 million investment in community development.
The Ajlan & Bros-Zijin consortium will invest SR62 million in Jabal Sayid 2, drilling 51,000 meters and allocating SR4 million for local infrastructure, including roads.
The total exploration investment from the awarded companies is expected to exceed SR 366 million over the next three years, with an additional SR22 million dedicated to community development near the mining sites.
In line with these efforts, the Ministry of Industry and Mineral Resources has launched the second phase of the Mining Exploration Enablement Program, aimed at mitigating risks for mining companies during the early stages of exploration.
The Kingdom is also offering incentives, such as allowing full foreign ownership of operations and financing up to 75 percent of capital costs through the Saudi Industrial Development Fund.
At the Future Minerals Forum held in January, the ministry announced plans to offer 50,000 sq. km of mineralized belts containing gold, copper, and zinc.
Applications for exploration opportunities are available through the Taadeen platform, further enhancing investment prospects in Saudi Arabia’s growing mining sector.
[Reported by Arab News]
