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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)