The Kingdom’s largest site to date, Khnaiguiyah, has three final contenders for a mining exploration license, according to the Saudi Ministry of Industry and Mineral Resources (MIM).
Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC, Saudi Arabian Mining Company (Maaden) and Ivanhoe Electric Inc., and Moxico Resources Plc and Ajlan & Bros Mining Company are the three organizations that will now move on to the license application’s final stage, according to the Saudi Press Agency (SPA).
MIM is anticipating the third and final round of the license application process, which will begin on 4 September, after receiving several queries and six top-tier offers from businesses looking to investigate the site.
The licensing procedure for Khnaiguiyah is an illustration of how the Ministry has transformed Saudi Arabia’s mining industry
The licensing procedure for Khnaiguiyah is an illustration of how the Ministry has transformed Saudi Arabia’s mining industry by pursuing investment to fully realize the potential of its geological assets and by establishing a comprehensive mining ecosystem that functions effectively, openly, and fairly.
As well as the elements directly related to exploration and mining experience, bidders competed with their social programs in support of their proposals. This included improvements to the local community healthcare and education facilities, and commitments to create jobs and develop training programs for local residents.
The fact that Saudi Arabia is one of the world’s most competitive mining jurisdictions is advantageous to the Khnaigiuyah licensing round’s finalists. In addition to its unrivaled incentives and fair and open application and approval procedures, the Kingdom works to entice investors with its integrated mining value chain as a whole. The Saudi Industrial Development Fund (SIDF) would co-fund up to 75% of CAPEX in addition to providing miners with a five-year royalty holiday and a 30% royalty payment reduction for additional downstream production processing.
Ithas an estimated 25 million tonnes of zinc and copper ores with a zinc content of 4.11% and a copper content of 0.56%
The Khnaigiuyah site, which is about 175 kilometers west of Riyadh, is noteworthy because it spans more than 350 kilometers and has an estimated 25 million tonnes of zinc and copper ores with a zinc content of 4.11% and a copper content of 0.56%.
Developing the site will mark an important milestone in transforming the sector into the third pillar of the national economy under the National Industrial Development and Logistics Program and Saudi Arabia’s Vision 2030.
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