Saudi Arabia Launches Competitive Bid for Seven New Mining Exploration Licenses
In a bold move to attract both local and international investors, Saudi Arabia has announced a competitive bid for seven new mining exploration licenses. Covering an impressive area of approximately 1,000 sq. km, these sites are brimming with valuable minerals waiting to be unearthed.
Exploring the Riches of Saudi Arabia
The exploration sites are scattered across various regions, each boasting its own unique mineral deposits. From the Umm Qasr site in Riyadh, known for its gold, silver, lead, and zinc, to the Jebel Sabha site in Riyadh, which contains silver, lead, zinc, and cobalt, these sites hold immense potential for lucrative discoveries.
Accelerating Exploration and Development
As part of the Exploration Enablement Program, this initiative aims to fast-track the exploration and development of Saudi Arabia’s vast mineral wealth, estimated at a staggering SR9.3 trillion ($2.48 trillion). By establishing mining as a key pillar of the national industry, Saudi Arabia is paving the way for a prosperous future.
Join the Competition
Interested parties are invited to submit their technical bids by early September 2024, with the winners set to be announced by the end of the month. Don’t miss this opportunity to be a part of Saudi Arabia’s thriving mining sector and unlock the treasures hidden beneath the surface. Ministry Unveils Geological and Technical Data Platform for Bidders
In a groundbreaking move, the ministry has launched a dedicated platform to provide geological and technical data to potential bidders. This initiative aims to streamline the bidding process and attract more investors to the sector.
Transparent and Fair Evaluation Process
The evaluation process for bids will be nothing short of transparent and fair. A whopping 70 percent of the evaluation will be based on the technical work program and expertise of the bidders. The remaining 30 percent will focus on community contributions and innovation, ensuring a well-rounded assessment.
New Incentives to Boost Investment
To further entice investors, new incentives have been introduced. These include financial support of up to SR7.5 million for companies with exploration licenses under five years, allowing 100 percent foreign ownership, and financing up to 75 percent of capital costs through the Saudi Industrial Development Fund.
Calling All Investors!
Interested investors are encouraged to visit the ministry’s mining platform to access detailed information and download relevant technical and geological reports. Don’t miss this opportunity to be a part of the thriving mining sector in Saudi Arabia!