Riyadh — In line with Saudi Arabia’s Vision 2030, which aims to transform the mining sector into the third pillar of national industries, the Ministry of Industry and Mineral Resources (MIM) announced that 8 companies were the qualified bidders for the most large mining exploration license at the Khnaigiuyah site. , marking the end of the first stage of the licensing process.
They are: Alara Saudi Ventures PTY LTD; Al Masane Al Kobra Mining Company (AMAK); Essel Mining & Industries Limited; Ivanhoe Electric Inc; Moxico Resources PLC; Norin Mining Ltd; Saudi Mining Company (Ma’aden); and Vedanta Limited.
Qualified bidders will receive the memorandum of information, which sets out the requirements for qualified bidders to submit their best bids for the site. Qualified bidders have two months to complete and submit their proposals.
Proposal submissions will be evaluated based on a number of criteria, including technical and commercial conditions, financial and social and environmental management plans.
Qualified bidders can now access the data room, which will be updated shortly with additional documentation of an independent technical report and additional site data such as a comprehensive land survey and social study carried out for the website.
Qualified bidders will also be invited to a conference to be hosted by the ministry in April, to learn about the next steps in the licensing process and to visit the site in person, if they wish.
Given Saudi Arabia’s emphasis on environmental, social and governance (ESG) aspects as it seeks to lead and transform the region’s mining sector, bidders will need to demonstrate how they will uphold these principles. .
After the proposal stage, the ministry may select a single successful bidder who will enter into final negotiations on the terms of the exploration permit, or alternatively.
If two or more proposal scores fall within a comparative range, the ministry will designate those bidders as “competitive bidders” and invite them to participate in a final licensing stage in the form of a multi-round auction.
The Khnaigiuyah site is the largest exploration site in the Kingdom covering an area of more than 350 square kilometers and has a huge mining potential of around 25 million tonnes of ore at 4.11% zinc and 0.56% of copper.
The Ministry of Industry and Mineral Resources announced the launch of the Khnaigiuyah Exploration License licensing round early this year. — SPA