Saudi Arabia announced that nine local and international companies and consortia have won exploration licenses for 25 sites in the Nabitah–Ad Duwayhi belt in the Makkah region, committing over 156 million Saudi riyals ($42 million) in exploration spending.

The list of winners includes four consortia, namely Ma’aden-Hancock Prospecting consortium; Ajlan and Bros Mining and Shandong Gold Group consortium; Technology Experts and Andiamo Exploration consortium, McEwen and Sumo Holding consortium, and five companies - Al-Eitilaf Al Mumayaz for Mining Company; Saudi Gold Refinery; Batin Al-Ard for Gold; Aurum Global Group and Almasar Minerals.

In a statement, the Ministry of Industry and Mineral Resources said that the competition for the final site (ND26) in the Nabitah–Ad Duwayhi belt was suspended after the exploration spending bids exceeded expected technical evaluations and reached levels practically unfeasible. 

The site re-evaluation will be conducted on the approved timeline in line with the Mining Investment Law, the ministry said.

Competition for an additional 10 sites in the same belt will resume from September 16 to 18, with final results to be announced after all regulatory procedures are completed.

Another 162 new mining sites in Al-Naqrah and Al-Sukhaybirah Safra belts in the Madinah region will be offered starting 28 September. These are part of the ministry’s plan to offer over 50,000 sq km of mineral-rich belts by 2025.

Saudi Arabia’s mineral resources are currently valued at over SAR9.4 trillion. The sector represents a key pillar of Vision 2030, supporting economic diversification and positioning the Kingdom as a global destination for mining.

 (Editing by Anoop Menon) (anoop.menon@lseg.com)

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