- 13 local and international companies have been shortlisted to progress to the second licensing stage for the exploration sites of Muhaddad and Ar Ridaniyah, announces Saudi Arabia’s Ministry of Industry and Mineral Resources
The Ministry of Industry and Mineral Resources (MIM) has shortlisted 13 local and international companies to progress to the next application stage for the exploration sites of the Muhaddad and Ar Ridaniyah exploration licenses. The announcement was made in accordance with the new Mining Investment Law and underscores MIM’s commitment to advancing transparent and sustainable mining practices in the Kingdom.
The Muhaddad exploration site, located in Bisha within the Asir geological terrane, covers 139 sq.km, and includes deposits of copper, zinc, and lead ores. The Ar Ridaniyah exploration site, meanwhile, is located in Riyadh region within the Al-Dawadmi geological terrane and spans an area of more than 75 sq.km, and includes deposits of zinc and silver ore. The qualified bidders for Muhaddad and Ar Ridaniyah site are: African Rainbow Minerals Limited (ARM), Alara Saudi Ventures Pty. Ltd., , Almasane Alkobra Mining Co.( AMAK), Barrick Gold Corporation, ERG Arabia Limited, Moxico Resources, Saudi Arabian Mining Company (Ma’aden), Yilmaden Holding , Vedanta Limited, Abdulrahman Saad AlRashid & Sons Co. (ARTAR), Ajlan & Bros Mining Company & Norin Mining Company Consortium, Panoro Minerals Ltd, Royal Road & MSB Holding Co – Consortium. Qualified bidders are now invited to submit their proposals by end of May 2023, with successful applicants scheduled to be announced in June 2023.. The qualified bidders are requested to submit their best work program and social & environmental impact management plans that outline their employment and local community development experience for the sites in which they seek to operate To uphold Saudi Arabia’s commitment to environmental, social, and governance (ESG) principles.
MIM also emphasized that local and international mining companies are still welcome to participate and visit the public available data room in the three open exploration sites available at Umm Hadid (Ag, Pb, Zn, Cu) covers an area of around 246 sq.km, Bir Umq (Cu, Zn) covers an area of around 187 sq.km , and Jabal Sahabiyah (Zn, Pb,Cu) covers an area of around 283 sq. km. Qualified bidders for these sites will also be announced in June 2023. Interested investors can apply for these opportunities via the provided link: Mining Auctions (mim.gov.sa)
By promoting responsible mining practices and embracing ESG principles, MIM seeks to contribute to the sustainable development of Saudi Arabia’s mining sector while safeguarding the interests of the local communities and preserving the natural environment.