As a part of Saudi Arabia's Vision 2030, which aims to make mining the third pillar of the national economy, the Ministry of Industry and Mineral Resources (MIM) announced 8 firms qualified to bid on the largest mineral exploration license at Khnaigiuyah, marking the end of the first stage of the licensing process.

Among them are: Alara Saudi Ventures PTY LTD; Al Masane Al Kobra Mining Company (AMAK); Essel Mining & Industries Limited; Ivanhoe Electric Inc; Moxico Resources PLC; Norin Mining Ltd; Saudi Arabian Mining Company (Ma'aden); and Vedanta Limited.

Interested bidders will receive the information memorandum, which outlines the requirements for qualified bidders to submit their best proposals for the site. Bidders are given two months to complete and submit their proposals.

Submissions will be evaluated based on a variety of criteria, including technical and commercial terms, financials, and social and environmental management plans.

Qualified bidders can now access the data room, which will be updated shortly with another independent technical report and additional data pertaining to the site, such as a land survey and a social study.

As part of the licensing round process, qualified bidders will also be invited to a conference in April organized by the Ministry, where they can learn more about the next steps of the process and visit the site in person, if they wish.

Given Saudi Arabia's emphasis on environmental, social, and governance (ESG) as it seeks to lead and transform the mining sector in the region, bidders will need to demonstrate how they will adhere to these principles.

Following the proposal stage, the Ministry may select one successful bidder who will enter into final negotiations on the terms of the exploration license, or alternatively, the Ministry may select several successful bidders.

Two or more proposals scoring within a comparative range will be designated as 'Competitive Bidders' by the Ministry. It will then invite these bidders to participate in a final licensing round stage in the form of a Multi-Round Auction.

Khnaigiuyah is the largest exploration site in the Kingdom, covering more than 350 square kilometers with a huge mining potential of around 25 million tons of ore containing 4,11 % zinc and 0.56% copper.

Earlier this year, the Ministry of Industry and Mineral Resources announced the licensing round of Khnaigiuyah exploration license.