The Ministry of Industry and Mineral Resources, Saudi Arabia has announced the qualified bidders for its inaugural mineralized belts licensing round.
This landmark initiative has attracted prominent local and international mining companies vying for five exploration licenses covering 4,788 square kilometers.
Following is the list of Qualified bidders:
- First Quantum Minerals Ltd
- Zijin Mining Group Ltd
- Hancock Prospecting
- A consortium of Artar & Gold and Minerals
- Noring Ajlan & Bros Mining Co
- a consortium of Pan African Resources & Saudi Gold Refinery
- IGO Limited
- Vedanta Limited
- Silvercorp Metals Inc
- K92 Mining
- McEwen Mining Inc
- A consortium of Orogen Royalties & Altius Minerals Corporation
- Al Masane Al Kobra Mining Company
These exploration licenses form a key part of the Ministry’s strategy to attract investment in mineral exploration, aligning with Vision 2030’s goal of making mining the third pillar of Saudi Arabia’s national industry. The scale of these licenses significantly exceeds previous rounds, targeting major operators in base and precious metals.
Saudi Arabia is actively seeking investors with the technical expertise and financial capacity to identify tier-one deposits across areas exceeding 1,000 square kilometers. With extensive infrastructure and a competitive fiscal framework, the Kingdom is positioned to develop new world-class mining sites. Unlike revenue-driven approaches, this licensing round is merit-based, emphasizing technical excellence and high-quality exploration programs.
The Ministry has established a transparent, multi-stage bidding process. After the pre-qualification stage, eligible bidders will submit proposals outlining their technical capabilities, work plans, and strategies for managing social and environmental impacts. Winners will be announced during the Future Minerals Forum in Riyadh, set for January 14–16, 2025.
The mineralized belts open for exploration include the Jabal Sayid belt, covering 2,892 square kilometers, and the Al-Hajjar site in the Wadi Shwas VMS Belt, spanning 1,896 square kilometers. These areas hold valuable deposits of copper, zinc, lead, gold, and silver.
The Jabal Sayid belt, located northeast of Jeddah and near the Mahd Al Thahab mines, is adjacent to two major volcanogenic massive sulfide (VMS) deposits and includes a world-class site currently in production. The Al-Hajjar site, in the Asir Terrane, previously supported a mine producing 40,000 ounces of gold annually. Its geological features, such as the Khutnah Formation sedimentary rocks and the Quirshah Formation volcanic rocks, are rich in gold-bearing massive sulfide deposits associated with copper and zinc.
The Ministry is hosting workshops and site visits for qualified bidders to ensure collaboration and transparency throughout the process.
To further support bidders, the Kingdom offers financial incentives under the Exploration Enablement Program (EEP). These include coverage of up to 25% of costs for drilling, laboratory testing, and geoscientific studies. Additionally, the program subsidizes up to 15% of expatriate salary costs and 70% of local salary costs during the first two years of exploration, transitioning to full local salary coverage thereafter. Financing for up to 75% of eligible project costs is also available through the Saudi Industrial Development Fund (SIDF).
Geological data for the mineralized belts is available on the Ministry’s Ta’adeen platform, ensuring equal access for all bidders and contributing to a robust national geological database. This initiative is expected to boost exploration spending, generate employment, and drive sustainable economic growth.
The Arabian Shield, estimated to contain $2.5 trillion in mineral resources, underscores Saudi Arabia’s emergence as a global mining hub. With its streamlined regulatory framework and investor-friendly licensing process, the Kingdom has been recognized as a top-tier mining jurisdiction, as highlighted in the latest Mining Journal World Risk Report featuring MineHutte. Saudi Arabia’s focus on environmental sustainability and social responsibility further reinforces its commitment to international standards and long-term industry growth.
