The Ministry of Industry and Mineral Resources (MIM) has announced the qualified bidders as part of the first phase of the licensing round process for Khnaigiuyah, the largest exploration site in the Kingdom. It covers more than 350 square kilometres and has a huge mining potential of around 25 million tonnes of ore with 4.11% zinc and 0.56% copper.
A huge mining potential of around 25 million tonnes of ore
The qualified bidders have been named as:
- 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 Arabian Mining Company (Ma’aden)
- Vedanta Limited
Qualified bidders will receive the information memorandum that sets out the requirements for qualified bidders to submit their best proposals for the site. They will be given two months to complete and submit their proposals.
Technical and commercial terms, plus financial, social and environmental management plans, will all be considered when evaluating proposal submissions.
Qualified bidders will also be invited to a conference hosted by the Ministry
Qualified bidders can now access the data room, which will be updated soon, with additional documentation from an independent technical report and supplementary data relating to the site, such as a full land survey and a social study conducted.
Qualified bidders will also be invited to a conference hosted by the Ministry in April to learn more about the following stages of the licensing round process and, if they wish, tour the site in person.
Following the proposal stage, the Ministry may choose a single successful bidder who will enter final negotiations on the terms of the exploration licence, or if two or more proposals score within a comparative range, the Ministry will designate these bidders as ‘Competitive Bidders’ and invite them to participate in a final licensing round stage in the form of a Multi-Round Auction.
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