Saudi Arabia’s Ministry of Industry & Mineral Resources (MIMR) has awarded mining exploration licences to local and international firms, the official Saudi Press Agency (SPA) reported. Among the winners of these exploration permits were Indian miner Vedanta, and a consortium comprising local Ajlan and Bros and China’s Zijin Mining. According to MIMR, the miners would spend $97.6m approximately on exploration activities over the next three years. The licenses span a total area of 4,788 square kilometres. The exploration licenses cover the kingdom’s first mineralised belts located at Jabal Sayid in Madinah province and Al-Hajar in Aseer province, the SPA report said. Both the zones are rich in base and precious metals, including copper, zinc, gold and silver. Saudi Arabia’s metals and mining industry is playing a pivotal role in the country’s non-oil growth trajectory. Commercial exploitation of the kingdom’s minerals resource base, most of which lies untapped, is a key component of Riyadh’s Vision 2030 socioeconomic transformation strategy. The kingdom took the first step towards realising the commercial potential of its mineral resources when it enacted a mining investment law in 2021. Since the law came into effect, the Industry & Mineral Resources Ministry has awarded more than 2,000 mining permits to local and foreign firms under its accelerated exploration initiative. Addressing the Future Minerals Forum in Riyadh in January 2024, Bandar Alkhorayef, the kingdom’s Industry & Mineral Resources Minister, said Saudi Arabia’s natural resources are worth $2.5tn – an increase of more than 90% compared to the 2016 estimated level of mineral reserves. This near-doubling of its deposits of natural resources – which excludes fossil fuels and includes phosphate, gold and rare earth metals – will act as a stimulus to the kingdom’s nascent mining industry. Prior to issuing the latest round of mineral exploration permits, in January, MIMR qualified six local and international companies for mining exploration as part of the first phase of its Exploration Enablement Programme (EEP). The main objective of the EEP is to accelerate greenfield mining exploration and attract investment in the kingdom’s minerals sector. Separately, London-listed KEFI Gold and Copper, in February, announced a key upgrade to the mineral resource estimates at its main exploration licence in Saudi Arabia.   The Cyprus-incorporated company said total gold resources at the Jibal Qutman gold project, situated at the Arabian-Nubian Shield in the kingdom, had increased to 902,000 ounces. This upgrade, which includes a 69% increase in indicated resources, positions the project for a long-life mine, with plans for a multi-stage open-pit operation, Kefi said. “The development is expected to benefit from the rising gold prices and low-cost local development capital, enhancing KEFI’s strategic position in the region,” the firm said. (ICE RIYADH)

Fonte notizia: Meed