Skip to content Skip to Search
Skip navigation

Saudi Arabia awards new gold exploration licence

Miner Saudi Reuters/Fahad Shadeed
Ankara uncovered the world’s second-largest rare earth element reserve in Eskişehir’s Beylikova district in 2022

Saudi Arabia’s ministry of industry and mineral resources has awarded a gold exploration licence to Almasane Alkobra Mining Company (Amak).

The licence, which is valid until May 19 2028, covers an area of 78 sq km in Najran province in the south of the country, the Saudi Exchange-listed mining firm said in a statement. 

The new concession area is situated next to the current Jabal Guyan gold mining licence, spanning an area of 10 sq km.

In 2022, Amak produced 21,190 dry metric tonnes (dmt) of copper, 41,151 dmt of zinc, 87,097 oz of silver, and 6,046 oz of gold from the Al Masane mine and 24,864 oz from Guyan mine, the company said in its most recent annual report.

In February Saudi Arabia invited local and international mining companies to bid for licences on five exploration sites across the kingdom.

Opportunities worth $32 billion are on offer, said Khalid Al Mudaifer, vice minister for mining affairs.

The Saudi government expects unused mineral resources worth about $1.3 trillion, with vast quantities of aluminium, phosphate, gold, copper and uranium.

The British government agreed in January to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals.

Latest articles

Adult, Male, Man

World Bank’s $700m push for Egypt’s private sector

The World Bank will provide $700 million in funding to Egypt to address short-term economic challenges. The development policy financing (DPF) will aid in supporting the Egyptian government’s focus more towards private sector participation. The financing will further advance structural reforms to level the playing field to support private sector growth, build macroeconomic and fiscal […]

Mubadala injects $250m to revive Turkey’s Getir

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units. The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters […]

Saudi Arabia's Capital Markets Authority approved Arabian Mills' public flotation application on the Saudi stock exchange on Monday

Arabian Mills to sell 30% stake on Saudi bourse 

Arabian Mills for Food Products will list 15.4 million shares, or a 30 percent stake, on the Saudi stock exchange, the kingdom’s market regulator has said. The Capital Markets Authority (CMA) approved the company’s public flotation application on Monday, adding that the prospectus will be published before the subscription start date. No other details of […]

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

Oman’s real estate sector continues to slide

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […]