On August 7, Saudi Arabia’s Ministry of Industry and Mineral Resources announced a competitive bid for seven new mining exploration licenses, covering approximately 1,000 square kilometers. This initiative is aimed at attracting both local and international investors to explore these promising mineral-rich sites.

The exploration areas, located across various regions, are noted for their significant mineral deposits. The Umm Qasr site in Riyadh, spanning over 20 square kilometers, is known for gold, silver, lead, and zinc deposits. Jebel Sabha, also in Riyadh, extends 171 square kilometers and contains silver, lead, zinc, and cobalt. Wadi Doush in Asir, covering more than 157 square kilometers, holds deposits of gold, silver, and copper. The Shuaib Marqan site in Riyadh, covering over 92 square kilometers, is rich in copper, silver, and gold. Wadi Al-Jouna in Asir, the largest site at 425 square kilometers, includes copper, zinc, silver, and gold. The Hazm Shubat site in Asir, covering over 93 square kilometres, is notable for gold deposits, while the Huwaimdhan site in Makkah, extending over 34 square kilometres, also contains gold.

This competitive bid forms part of the broader Exploration Enablement Program, which aims to expedite the exploration and development of Saudi Arabia’s mineral resources, valued at SR9.3 trillion ($2.48 trillion). This program aligns with Vision 2030’s objective of positioning mining as a key component of the national industry.

Interested parties must submit their technical bids by early September 2024, with winners expected to be announced by the end of the month. The ministry has provided geological and technical data through a dedicated platform to support bidders. The evaluation process will be transparent, with 70% of the assessment based on technical expertise and 30% on community impact and innovation.

Incentives for investors include up to SR7.5 million support for companies with exploration licenses under five years, full foreign ownership, and up to 75% financing of capital costs through the Saudi Industrial Development Fund. Detailed information and technical reports are available on the ministry’s mining platform.