Saudi Arabian Ministry of Industry and Mineral Resources Announces Timetable for Licensing of Five Exploration Sites

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Ministry of Industry and Mineral Resources

Mar 15, 2023, 06:47 ET

RIYADH, Saudi Arabia, March 15, 2023 /PRNewswire/ -- Saudi Arabia's Ministry of Industry and Mineral Resources has announced the application schedule for the licensing round of five exploration sites in the Kingdom which are the following: Muhadad (Cu/Zn), Ar Radainiyah (Zn), Umm Hadid (Cu/Ag/Zn), Bir Umq (Cu/Zn) and Jabal Sahabiyah (Cu/Zn/ Pb). The announcement follows the launch of the pre-qualification round earlier this year in February.

Saudi Arabian Ministry of Industry and Mineral Resources Announces Timetable for Licensing of Five Exploration Sites

According to the official spokesman of the Ministry of Industry and Mineral Resources, Jarrah bin Muhammad Al-Jarrah, the licensing rounds for Muhaddad and Ar Radainiyah will commence in April 2023. The deadline for submitting a proposal is in May 2023, and the results will be announced in June 2023. The winning bidder will receive exploration licenses within three months from the end of the licensing round.

Al-Jarrah also confirmed that the licensing rounds for the Umm Hadid, Bir Umq , and Jabal Sahabiyah sites will begin in June 2023 with the announcement of the qualified bidders. The deadline for submitting proposals is in July 2023, and the Ministry will announce the results of the proposal stage in August 2023. The exploration license will be issued within three months from the end of the licensing round.

Al-Jarrah noted that the timetable for licensing the five sites is indicative and may be subject to change at the Ministry's discretion. Interested parties can access these opportunities through the link: (Mining Auctions (mim.gov.sa)).

The licensing round for each of the five sites comprises of two stages: the qualification stage and proposal stage, where the qualified bidders are invited submit their proposal together with social and environmental impact management plans.

The announcement of the licensing round for five exploration sites is part of the Kingdom's Accelerated Exploration Initiative, which was announced earlier in 2022. The initiative aims to leverage the mineral resources in the Kingdom, achieve the goals of the Kingdom's Vision 2030 in increasing the mining sector's contribution to GDP, diversify the economy, and make mining sector the third pillar of the national industry.

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SOURCE Ministry of Industry and Mineral Resources