The Saudi Ministry of Industry and Mineral Resources (MIM) announced the final stage for the exploration license for Khnaiguiyah, the Kingdom’s largest exploration sites, which covers approximately 353 kilometers west of Riyadh.

Three bidders will participate in the electronic live multi-round auction on the signing bonus on Sunday, September 04, 2022. The multi-round auction is consisting of 12 rounds daily and the bidding period is 30 minutes per round.

The auction will start at 10:00 am and finish at 5:00 pm Riyadh time, it can be watched through the following YouTube link: The Khnaiguiyah site demonstrates potential for significant mining resources, generating six proposals from international and local companies to obtain the license. The three competitive bidders approved by MIM for the final round in the application process are a consortium between Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC; a consortium between Saudi Arabian Mining Company “Maaden” and Ivanhoe Electric Inc.; and a consortium between Moxico Resources Plc, and Ajlan & Bros Mining Company.

Competitive bidders for the license were assessed on several criteria. In addition to their exploration and mining capabilities, the Ministry, as part of its efforts to ensure its mining sector is ESG compliant, will look to each bidder’s social programs to assess their application.

This included improvements to local community healthcare and education facilities, and commitments to create jobs and develop training programs for local residents.

The Ministry’s efforts to publishing detailed of each stage in the licensing round are part of its commitment to enhancing transparency in the sector, one of the most important foundations of the country’s recently revamped mining investment law and regulation.

Exploration of the Khnaiguiyah site is in line with Saudi Arabia’s Vision 2030, which seeks to transform the mining sector into the third pillar of the national economy.