Saudi Arabia launches competition for new mineral exploration licenses

Saudi Arabia has invited local and international mining companies to compete for five new mineral exploration licenses covering approximately 4,788 km² of the Arabian Shield located in the western part of the country.

In a statement released July 21, Saudi Arabia's Ministry of Industry and Mineral Resources said that the initiative is part of the country's commitment to fostering a robust mining and minerals sector and creating opportunities for investors to explore the Kingdom's wealth.

"These licenses are integral to the ministry's strategy of promoting increased exploration investment and aligning with Vision 2030 objectives—aimed at positioning mining as the third pillar of its national industry," it said.

According to the ministry, the three of the new exploration licenses cover approximately 2,892 km² of the Jabal Sayyad belt, an area considered rich in minerals such as copper, zinc, lead, gold and silver.

The remaining two explorations cover 1,896 km² of the Al-Hajar area, within the Wadi Shawas belt, and contain a variety of minerals including copper, zinc, gold and silver.

According to the ministry, the Jabal Sayad and Al-Hajjar are the largest mineralized belt sites the country has made available for minerals exploration.

The ministry said that the bidding process for the exploration licenses would be conducted through several stages with a pre-qualification stage from July to October 2024 followed by a request for technical proposals and social and environmental impact management plans in December 2024.

The process will culminate in the announcement of the winners and the granting of the exploration licenses in January 2025.

The ministry added that all geological data related to the targeted belts would be provided on the openly available 'Ta'adeen' electronic platform.

Platts, part of S&P Global Commodity Insights, assessed both lithium hydroxide and lithium carbonate at $12,500/mt CIF North Asia July 22.