Australia’s Alara Resources Limited has said that its Saudi joint venture with Al Tasnim (A-T JV) is the ‘reserve bidder’ for the Khnaiguiyah exploration license, the largest in the Kingdom.

Last week, the Saudi Ministry of Industry and Mineral Resources had named the UK-Saudi consortium of Moxico Resources and Ajlan & Bros Mining Company as the winner of the Khnaiguiyah license.

The company said in a press note that A-T JV placed the second highest bid, giving it the status of ‘reserved bidder’ under the license issue procedure. If the Ministry’s negotiations with Moxico-Ajlan are unsuccessful, it will commence licence negotiations with the A-T JV.

The statement said Alara will now explore opportunities to realise economic value from its extensive knowledge of the licence area.

The joint venture has been invited to submit a proposal for the award of an exploration license at Umm Ad Damar, 300 kilometres northeast of Jeddah, the statement added.

SDC Code: 4212347158

(Writing by D Madhura; Editing by Anoop Menon)