Industry Saudi Arabia announces eight mining tenders By Andrew Hammond August 16, 2023 Unsplash/Albert Hyseni A date has yet to be announced for the bidding process on Saudi Arabia's new mining tenders Saudi Arabia’s Ministry of Industry and Mineral Resources has designated eight zones in the Riyadh region and the Eastern Province to be opened to tender, the Saudi Press Agency has said. The mining zones were listed as Ghunan, Al-Masnat, Al-Summan, Ras Al-Qarya, and eastern and western Salwa in the Eastern Province, the gravel stone complex at Al-Arma, north of Riyadh, and the second limestone complex at Hafirat Nisah, west of the capital. A date for the start of the bidding process has yet to be announced. Rising funding costs hit Ma’aden’s Q2 earnings by 91% Saudi hunts for critical minerals in energy transition Saudi Arabia awards new gold exploration licence The ministry said it wants to encourage specialised companies to invest in the sector as well as regional development in mining areas, including through employment in the projects put up for tender. The statement said the ministry wants to achieve sustainability for the sector, increase investor confidence and protect natural resources from illegal encroachments. The Saudi state-owned mining company Ma’aden, which trades on the Saudi stock market, last week reported a 87.6 percent fall in year-on-year H1 net profit to 770.36 million Saudi riyals ($205.43 million), as finance costs surged by 96 percent annually. Ma’aden is the largest multi-commodity mining and metals company in the Middle East. It operates 17 mines and sites, has over 6,500 employees and exports products to over 30 countries.