The Ministry of Industry and Mineral Resources has held a virtual workshop promoting the Second Licensing Round at Umm Ad Damar site for Australian investors. The webinar was conducted in collaboration with the Ministry of Investment and the Australian Embassy in Saudi Arabia. Musad Aldaood, Deputy Minister for Mining Development at Ministry of Industry and Mineral Resources, welcomed the attendees and encouraged them to explore the opportunities the site offers and the Kingdom's unique resources. The webinar also emphasized the conducive and favorable investment climate and the Saudi new mining investment law, which provides clear and fair legislation for investors that optimizes the value of the mineral resources, estimated at 1.3 trillion dollars. The workshop highlighted the minerals that expedite a seamless transition to clean energy. The Kingdom's geological database and the minerals available in it were emphasized, as well as the success story of the Khnaiguiyah site, which represents one of the first investments offered by the Kingdom. Finally, the workshop presented the enablers and benefits that the Kingdom provides to investors in many industries, particularly the mining sector. The webinar underscored the significance of Umm Ad Damar site, which encompasses more than 40 square kilometers and contains copper, zinc, gold, and silver. The site is located 300kilometers northeast of Jeddah and 25 kilometers northwest of Mahd Althahab town on Jabal Al-Sayid Belt in the Jeddah Geological terrane. The ministry previously announced that it had opened prequalification stage for the exploration license round for the Umm Ad Damar site in the Madinah Region, as part of "Accelerated Exploration" Initiative. The initiative is a giant step toward the utilization of the Kingdom's rich mineral resources through the new investment law.
