Saudi Arabia shortlists 13 bidders as it embarks on mining exploration  

Saudi Arabia shortlists 13 bidders as it embarks on mining exploration  

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources has moved one step closer to giving out mining exploration licenses for two of its sites as it shortlisted 13 bidders amid a drive to develop the Kingdom’s mining sector.

The new opportunity will see the shortlisted bidders compete for permission to dig for valuable metals in two key exploration sites in Riyadh and Asir.

The Ar Ridaniyah site, located in the Saudi capital, contains zinc and silver deposits, and spans over an area of 75 sq. km.

Whereas the Muhaddad site in Asir has copper, zinc, lead, and gold deposits and covers 139 sq. km.

The announcement comes as the ministry aims to support investors, enhance investment in the mining sector and encourage national industries.

The other bidders include Moxico Resources, Ma’aden, Yilmaden Holding, Vedanta, and Artar.

In addition, Panoro Minerals, Royal Road and MSB Holding, and Ajlan and Bros and Norin are shortlisted as bidders.

A ministry statement stated that the submission deadline for bidders is May 2023, and that results will be announced the following month.

As for the winners’ exploration licenses, they are to be issued within three months after the round comes to an end.

In February of this year, the ministry announced the launch