Saudi Arabia to Tender First Mining License for Mineral Exploration

Saudi Arabia to Tender First Mining License for Mineral Exploration

Saudi Ministry of Industry and Mineral Resources announces landmark Licensing Round as key milestone of the first Future Minerals Forum, Asharq Al-Awsat

In line with Saudi Arabia’s Vision 2030 objective of diversifying its economy and growing mining to become the third pillar of its industrial growth, the country’s Ministry of Industry and Mineral Resources (MIM) announced the launch of a licensing round for a mineral exploration license in respect of the Khnaiguiyah deposits.

The announcement was made during the third and last day of the Futures Minerals Forum held in Riyadh.

Commenting on this tender, Abdullah bin Mufter Al-Shamrani, CEO of Saudi Geological Survey (SGS), said the ministry expected that the SAR 2 billion Khnaiguiyah project to provide 2,000- 3,000 direct and indirect job opportunities and contribute to the development of the zinc and copper industries in the country.

Extensive exploration works have been carried out in the Khnaiguiyah district over the past few years through 3 exploratory campaigns, with more than 100,000 meters drilled. Moreover, a 3D geological model recently developed by SRK Consulting, according to the ministry's data was finalized.

SGS stressed the great geological potential of the deposits amounting to 26 million tons of zinc and copper, respectively, and that they are