Saudi Arabia opens doors to global mining giants with $97.5m exploration licenses
JEDDAH: Saudi Arabia has granted exploration licenses worth SR366 million ($97.5 million) to both local and international companies for its first mineral belts at Jabal Sayid and Al-Hajjar.
These two sites, covering a combined area of 4,788 sq. km, are part of the Ministry of Industry and Mineral Resources' efforts to accelerate the exploration and development of the Kingdom's estimated SR9.3 trillion ($2.48 trillion) in mineral resources.
Among the successful bidders, Ajlan and Bros-Norin for Mining secured the license for the southern Al-Hajjar site.
A consortium consisting of Artar, Gold and Minerals Ltd Co., and Jacaranda, owned by Australian company Hancock Prospecting, won the license for the northern Al-Hajjar site. Vedanta Ltd, a major Indian mining giant, received the first exploration permit for the Jabal Sayid belt, while a second license for the same site went to a consortium of Ajlan & Bros Mining and Zijin Mining, a Chinese mining giant ranked among the world's top five.
Saudi Arabia is focused on making mining a key pillar of its economy, alongside oil and petrochemicals. The Kingdom is home to over 5,300 mineral sites valued at SR5 trillion ($1.33 trillion), and the Ministry of Industry and Mineral Resources is working to unlock these resources to diversify the economy, create jobs, and position the Kingdom as a global mining hub in alignment with Vision 2030.
The competition saw 14 companies, both local and international, submit bids after passing the pre-qualification stage. The submissions were evaluated based on technical expertise, proposed work plans, and social and environmental commitments, according to the Ministry's statement.
The newly awarded licenses cover two areas within the Jabal Sayid belt, which spans 2,892 sq. km and contains valuable minerals such as copper, zinc, lead, gold, and silver. Additionally, two more licenses were granted for the Al-Hajjar site, covering 1,896 sq. km and rich in natural resources.
The ministry emphasized that the involvement of major international mining companies like Zijin Mining, Hancock Prospecting, and Vedanta Ltd. underscores the growing global interest in Saudi Arabia's mining sector and the opportunities it offers through exploration license competitions.
It also confirmed that the total exploration investment from the winning companies will surpass SR366 million over the next three years, with an extra SR22 million pledged for community development projects near the mining sites, aimed at creating job opportunities for local residents.
Ajlan and Bros-Norin for Mining, which secured the southern Al-Hajjar site, will invest SR209 million in exploration, which includes over 119,000 meters of drilling. Furthermore, they will allocate SR11.2 million for community-focused initiatives, such as building intermediate schools for girls in nearby provinces.
The consortium of Artar, Gold & Minerals Ltd., and Jacaranda will invest more than SR62 million in exploration at the northern Al-Hajjar site, including 52,000 meters of drilling. They will also direct SR4.2 million toward local infrastructure projects.
Vedanta Ltd., the Indian mining giant, has committed SR33 million for exploration at Jabal Sayid 1, covering 22,000 meters of drilling. In addition, they will invest SR3 million in community development projects, focusing on local employment and training programs.
The consortium of Ajlan & Bros Mining and Zijin Mining has pledged approximately SR62 million for exploration at Jabal Sayid 2, including 51,000 meters of drilling. They will also allocate SR4 million for community initiatives, particularly aimed at developing road infrastructure in the surrounding area.
In line with these efforts, the Ministry of Industry and Mineral Resources has launched the second phase of the Mining Exploration Enablement Program, in collaboration with the Ministry of Investment, to mitigate risks for companies during the early stages of mining exploration.
The Kingdom also offers incentives under the mining investment system, such as allowing foreign companies to fully own operations and providing up to 75 percent funding for capital costs through the Saudi Industrial Development Fund.
During the fourth edition of the Future Minerals Forum, held in January, the Ministry of Industry announced the offering of 50,000 sq. km of mineralized belts containing gold, copper, and zinc.
This initiative is part of the ministry's efforts to enhance exploration and create an attractive investment environment for local and international mining companies. Applications for these opportunities can be submitted through the Taadeen platform.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
3 days ago
- Saudi Gazette
How to pre-register for VALORANT Mobile
The ES TIMES — The highly anticipated VALORANT Mobile game is finally nearing launch, and players in select regions can now pre-register for early access. Pre-registration not only keeps you up to date with the latest official updates, but it also increases your chances of being among the first to experience Riot Games' tactical shooter on mobile. Regional Launch and Early Access As with many major mobile game launches, VALORANT Mobile will follow a regional launch strategy. This means that certain regions, starting with China, will receive access first. The first phase of testing has already begun in China, with Tencent-owned Lightspeed Studios handling development there. How to Pre-Register Currently, pre-registration is only available through the official VALORANT Mobile website for China. Players selected for early access will receive an email with download instructions and additional information. For other regions, Riot Games is expected to launch pre-registration via the Google Play Store and Apple App Store in the near future. Although these pages are not yet live, players are advised to follow local stores or Riot's official channels for any updates. Technically, it is possible to access the Chinese version using a VPN or alternative methods, but this is not recommended. Server issues and high ping can lead to a frustrating experience, and the language barrier can hinder understanding important instructions or using some in-game features. Global Release and Rewards After the testing phase in China concludes, access is expected to expand to other regions. As we've become accustomed to Riot Games, pre-registration rewards will be offered, but unlocking them may require completing in-game tasks or reaching certain milestones during the testing periods. As the full release date approaches, players can expect to see the addition of new challenges, missions, and an in-game store filled with exclusive cosmetics and content designed specifically for the mobile platform.
Leaders
4 days ago
- Leaders
Trump, Xi to Hold Crucial Call Amid Growing Trade Tensions
US President Donald Trump and his Chinese counterpart Xi Jinping will likely hold a long-awaited phone call later this week, the White House announced on Monday. This potential conversation emerges as trade tensions between the world's two largest economies escalate significantly. This upcoming discussion holds immense importance for global financial markets and international trade relations, emphasizing the leaders' direct engagement. Renewed Trade Frictions President Trump reignited strains with China last week, asserting that the world's second-biggest economy had violated a previously agreed-upon deal. This agreement had temporarily reduced significant tit-for-tat tariffs between both nations, aiming for a more balanced trade environment. White House Press Secretary Karoline Leavitt confirmed the impending dialogue, stating, 'The two leaders will likely talk this week,' when reporters inquired about the anticipated contact. Trump and Xi have not had any confirmed contact for over five months since the Republican leader returned to office, despite frequent claims by the US president that a call was imminent. Trump even asserted in an April Time Magazine interview that Xi had called him, a claim Beijing subsequently denied, insisting no recent call had occurred. Stock markets worldwide largely slid on Monday as these US-China tensions resurfaced, reflecting investor concerns about the ongoing trade dispute. Tariffs and Accusations In early April, Trump introduced sweeping worldwide tariffs, targeting China most heavily. He accused other countries of 'ripping off' the United States and running significant trade imbalances, disrupting established global trade norms. Beijing and Washington had agreed last month to slash staggeringly high tariffs on each other for 90 days after constructive talks between top officials in Geneva. However, Trump and top US officials in Washington last week accused China of violating the deal, with Commerce Secretary Howard Lutnick telling Fox News Sunday that Beijing was 'slow-rolling' the agreement. Beijing immediately rejected those 'bogus' US claims on Monday, in turn accusing Washington of introducing 'a number of discriminatory restrictive measures,' further complicating the trade landscape. Moreover, Trump has separately escalated tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50% starting Wednesday. Short link : Post Views: 67
Asharq Al-Awsat
4 days ago
- Asharq Al-Awsat
Chinese Chip Firm UniVista Offers Free Product Trial after US Ban on Chip Design Software
UniVista, a Chinese supplier of electronic design automation (EDA) tools for semiconductors, is offering free trials for its key software to Chinese firms, the company said in a WeChat post on Tuesday. The move comes after the United States ordered a broad swathe of companies, including EDA software suppliers, to stop shipping goods to China without a licence and revoked licences already granted to certain suppliers.
