Saudi Arabia awards mine deals to 24 companies

• Ninth licensing round complete
• Winning entities awarded 172 sites
• Exploration spend $179 million

Saudi Arabia has given new mining exploration contracts to 24 companies within the ninth and largest-ever licensing round for prospectors.

The winning entities were awarded 172 mining sites, including 76 sites that advanced to a multi-round public auction, the mineral resources ministry said on its website on Thursday.

The awarded areas cover three mineralised belts in the regions of Riyadh, western Medina, and Qassim in central Saudi Arabia. Committed exploration spend is more than SAR671 million ($179 million) in the first two years of work.

The ninth round offered more than 24,000 square kilometres, spanning the Ad-Duwaihi-Nabitah gold belt in the Riyadh region, as well as the Nuqrah and Sukhaybirah-As-Safra gold belts in Medina and Qassim. 

These areas are rich in strategic minerals, including gold, copper, silver, zinc and nickel, the ministry said, adding that the round had attracted strong interest and high-quality competition from leading local and international companies.

The ministry confirmed that licensing will continue through the 10th round, spanning 13,000 sq km across Medina, Mecca, Riyadh, Qassim and Hail in the northwest. 

• Saudi Arabia steps up offers of mining plots
• Saudi Arabia opens bids for three mineralised belts
• Saudi miner Amak reveals gold and silver discoveries

Saudi Arabia, the world’s largest oil exporter, is pushing ahead with a drive to unlock an estimated $2.5 trillion in mineral wealth. The kingdom introduced a landmark law to attract investment to its mining industry six years ago as part of its Vision 2030 programme.