Logo of The Ministry of Industry and Mineral Resources
The Ministry of Industry and Mineral Resources announced accepting three bids for participation in the final stage of competition for a license to explore Khnaiguiyah mining site.
This is the largest exploration license in the Kingdom over an area of 354 square kilometers, west of Riyadh.
The ministry received six offers from international companies and alliances for the license and accepted three of them.
The three bids are from an alliance between Saudi Arabia’s Alara Ventures and Al Tasnim Group, an alliance including Saudi Arabian Mining Co. (Maaden) and Ivanhoe Electric Co., Ltd, as well as an alliance comprising Mochico Resources Ltd. and Ajlan & Bros. Mining Co.
The ministry added that the final stage of competition will start on Sept. 4, until the announcement of the license winner.
Khnaiguiyah is the largest exploration site in the Kingdom, as it includes mineral resources estimated at 25 million tons, of which zinc and copper dominate 4.11% and 0.56%, respectively.