Skip to content Skip to Search
Skip navigation

Saudi to auction five mining exploration licences in 2023

Stock photo of a copper mine. Saudi reported $8bn of foreign direct investment in mining last year Reuters
Omani firms with experience in mining sector projects can submit their bids by June 11

Saudi Arabia is set to auction five new mining exploration licences next year, state news agency SPA has reported, citing Bandar bin Ibrahim AlKhorayef, the minister of industry and mineral resources.

The licences, aimed at international and local investors, will include copper, zinc, lead and iron deposits and will be auctioned for sites in Bir Umq, Jabal Idsas, Umm Hadid, Jabal Sahabiyah and Ar Ridaniyah.

The licences will be awarded under a new Mining Investment Law, which aims to accelerate foreign investment in the sector.

The announcement comes as part of the kingdom’s efforts to increase mining exploration as it looks to leverage an estimated $1.3 trillion worth of underexplored metals and minerals in support of sustainable development goals and the clean energy transition.

Since the launch of the Vision 2030 strategy in 2016, Saudi Arabia has attracted its highest levels of mining investment. In 2021, the country reported $8 billion in foreign direct investment to the sector and issued 145 licenses.

It is currently targeting new investments worth $32 billion in mining and metals production across nine different projects.

The ministry awarded the Canadian-Saudi consortium of Barrick and Saudi Arabian Mining Company (Maaden) exploration license on Saturday for the Umm Ad Damar exploration license.

Last month, a consortium of Moxico Resources and Ajlan & Bros Mining Co. was awarded licenses for Khnaighuiyah mines, where zinc and copper deposits are estimated at around 26 million tonnes. 

Latest articles

Haitham Al Ghais, secretary general of Opec. The organisation has extended its voluntary output cuts, led by Russia and Saudi Arabia

Opec extends voluntary cuts to support oil market stability

Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […]

Aviation IT Shop, Shopping Mall, Person Dubai Airports already uses biometric technology and is preparing to launch a Smart Corridor to speed up boarding procedures airport aviation IT airports airlines investment

Aviation spends billions on IT to improve experience

The aviation sector invested billions into IT in 2023, as companies sought to improve passenger experience, according to a new industry report. Global airports increased their IT spending by 23 percent year on year to almost $11 billion last year, while airlines upped spending by 15 percent to $34 billion, according to the 2023 Air […]

Sellers at the fish market in Jizan, Saudi Arabia. The kingdom brought in regulations in 2021 to curb overfishing

Saudi Arabia and UAE back fishing subsidies ban

The UAE and Saudi Arabia were the only GCC countries to back a failed bid by the World Trade Organization (WTO) to curb subsidies that contribute to overfishing and wider fishing sector overcapacity. It had been hoped that the Agreement on Fisheries Subsidies (AFS), which, according to WTO director-general Ngozi Okonjo-Iweala, has “been on the […]

Tourists in front of the Jabal Al-Mawaqi rock art, Najran Province, Thar, Saudi Arabia

PIF and Seera fail to reach agreement on investment

Saudi travel major Seera Group Holding has terminated plans for the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, to invest in its subsidiary, Almosafer Travel and Tourism Company. The termination comes after the two companies failed to reach an agreement, Seera said in a statement to the Saudi bourse. The statement clarified that […]