Saudi Arabia Opens Up New Mining Opportunities for Gold, Copper, Zinc, Lead, and Silver Ores
In a bold move to attract both local and international investors, Saudi Arabia is now offering new exploration licenses for gold, copper, zinc, lead, and silver ores. The Ministry of Industry and Mineral Resources has announced six high-value opportunities, covering a total area of over 940 sq. km, as part of the fifth round of mining competitions across various regions of the Kingdom.
Exploration Sites and Incentives
Among the prospects are the Al-Halahila site in Najran, which boasts deposits of copper, zinc, and gold minerals across an area exceeding 34 sq. km. The Jabal Qaran site in Najran, spanning over 57 sq. km, is also available for exploration. The Kingdom is offering incentives such as financing of up to 75 percent of capital costs through the Saudi Development Fund, along with a five-year exemption period from financial consideration for new mining licenses.
Additional Sites and Deadlines
Other sites include Makman Hijab in Riyadh, covering more than 118 sq. km with gold and silver ore deposits, and the An-Nimas site in the Asir region spanning over 222 sq. km with copper, zinc, silver, and gold. The Al-Mihah location in Makkah, spanning over 234 sq. km, offers deposits of copper, zinc, lead, silver, and gold, while the Al-Hajirah site in Asir, covering more than 274 sq. km, also contains these minerals. The deadline for technical submissions for competing for exploration licenses at these sites is May 2024, with winners expected to be announced by June 2024.
Facilitating Local and Foreign Participation
The competition is designed to encourage the participation of both local and foreign companies with experience in the mining exploration sector. Factors such as technical proficiency, operational programs, social and environmental impact assessments, and innovation strategies will determine the site allocation. This initiative is part of the Kingdom’s Accelerated Exploration Initiative, aimed at harnessing Saudi Arabia’s mineral resources and boosting the mining sector’s contribution to the economy.