Ministry of Industry and Mineral Resources, Saudi Arabia announced in a statement that a consortium consisting of Saudi Arabian Mining Co. (Maaden) and Barrick Gold T7 Ltd won Umm Al-Damar exploration license.
The site is 300 km northeast of Jeddah and 25 km northwest of Mahd Al Dahab town, estimated at over area of 40 Square kilometers.
The Site Commodities includes Copper, Zinc, Gold and Lead.
This is the second bid offered by the ministry, as part of plans to offer some exploration licenses under the umbrella of the accelerated exploration initiative.
The ministry stated that more than 20 local and international mining companies competed for this exploration license, 13 of which were prequalified for bidding.
The ministry received two bids for the license, after fulfilling the prequalification criteria, most important of which are technical expertise, financial ability, and commitment to community and environmental management plans as well as related programs.
The consortium will allocate more than SAR 1 million for various community initiatives, such as the employment of people from nearby areas, as well as the development of the local technical college at Mahd al-Dahab, in addition to training graduates during the two-year exploration program, statement mentioned.
Related: Saudi Arabia receives two bids for Umm Ad Damar exploration license
