Saudi Arabia extends deadline for mineral exploration bids

07/01/25

Saudi Arabia has extended the deadline for submitting proposals for exploration licenses in its largest mineralised belts.

The Ministry of Industry and Mineral Resources confirmed the update and highlighted the need to ensure a thorough and competitive process for the country’s critical mining projects. As a result, the extension allows qualified bidders more time to finalise their submission materials due to their technical nature.

The new extension will mean the final date to submit bids will be January 21, 2025. Bid openings will take place on February 11, with companies set to be awarded and announced by February 16. Previously, in November 2024, the ministry revealed that 14 bidders pre-qualified for the rights to explore five significant mineralised sites across the Kingdom. Most importantly, these sites are expected to offer substantial opportunities for mineral extraction, particularly for gold, copper and zinc.

Among the most notable locations are the Jabal Sayid and Al-Hajjar belts. The Jabal Sayid belt, located northeast of Jeddah and east of Medina, is already home to the Jabal Sayid and Mahd Al-Thahab mines—both important contributors to Saudi Arabia’s mining output. Notably, the Al-Hajjar site, located in the Asir Terrane, contains rich deposits of gold, copper, and zinc. Reliable projections suggest the Alhajjar mine can produce up to 40,000 ounces of gold annually.

Saudi Arabia’s commitment to developing its mining sector is an integral part of the Saudi Vision 2030 economic diversification strategy. The strategy is expected to solidify Saudi Arabia’s position as a major player in the global mining industry while contributing to the country’s broader economic growth objectives. Furthermore, by attracting top-tier mining companies and encouraging competitive bidding, the Kingdom aims to boost foreign investment, create jobs, and enhance production capabilities.

Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.

Please click on the link to learn more about opportunities and possibilities in Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.