Ministry of Industry and Mineral Resources, Saudi Arabia announced in a statement that it has received two bids for Umm Ad Damar exploration license in Madinah, under its “Accelerated Mining Initiative” and National Industrial Development and Logistics Program (NIDLP).
These two bids were submitted by following firms:
- Joint Venture of Saudi Arabian Mining Co. (Maaden) and Barrick Gold (T7) Limited
- Abdul Rahman Saad Al-Rashid & Sons Co. Ltd. (ARTAR)
The tender process was divided into two stages: the prequalification and the bidding processes. A third stage of e-tendering may take place when the technical bids are convergent.
The bids are assessed based on several factors, including adherence to community and environmental management plans and the employment of those living adjacent to the site.
Located 300 square kilometers (km) northeast of Jeddah, Umm Ad Damar site spans more than 40 km and includes copper, zinc, gold and lead.
The ministry is planning to open several exploration licenses by year-end, in line with transparency and compliance criteria of the Saudi mining investment system.
