The Ministry of Industry and Mineral Resources of Saudi Arabia has started a bidding process for gold, silver, copper, and zinc exploration licenses spanning 13,000 sq. km as part of the economic diversification program.
Licence areas are located at three mineral belts in five regions of the kingdom - Mecca, Medina, Riyadh, Qassim and Hail.
Potential buyers may hand in their applications before December 15. The current bidding round is the 10th since 2021.
The competition process consists of three stages: pre-qualification, site selection, and a multi-round live auction scheduled for the first quarter of next year, during which companies will compete based on their proposed exploration spending.
The total value of mineral resources of Saudi Arabia is estimated at 9.4 trillion riyals ($2.5 trillion). A push for mineral exploration is part of Saudi Arabia’s efforts to diversify its economy away from oil, known as Vision 2030.
Theodor Lisovoy, Managing Editor, Rough&Polished
