DUBAI - The consortium of Alara and Al Tasnim won the license for the exploration of Saudi Arabia’s Khunaygiyah mines, where zinc and copper deposits are estimated at around 26 million tonnes, the kingdom’s Ministry of Industry and Mineral Resources said on Wednesday.

The ministry awarded Alara and Al Tasnim the license for 252,000,000 Saudi Riyals ($ 67,057,195) after a four-day electronic auction.

The Alara and Al Tasnim consortium beat the Saudi mining company Maaden and Ivanhoe Electric Inc. consortium, and Moxico Resources Plc and Ajlan & Bros Mining consortium.

(Reporting by Aya Nader, Editing by Tomasz Janowski)