In line with Saudi Arabia's Vision 2030, which seeks to transform mining sector into the third pillar of the national economy, the Ministry of Industry and Mineral Resources (MIM) has announced the proposals received for the Umm Ad Damar licensing round: Consortium submission from Saudi Arabia Mining Company (Ma'aden) & Barrick Gold T7 Limited (Barrick). Consortium submission from Abdulrahman Saad Al Rashid & Sons Co. (ARTAR) & Gold and Minerals Company LLC. In addition to the technical capability and financial capacity, qualified bidders will be assessed on their proposed environmental and social management plans including the level of their commitment to the social development of the local communities. As stated in the information memorandum, if two or more bidders have close scores, they will compete in the open Multi-Round Auction to showcase transparency. Umm Ad Damar is an early exploration site that is part of the mineral-rich Arabian Shield. The site covers more than 40 sq km and includes copper, zinc, gold and silver and there are four mineralized prospects that have been identified at Umm Ad Damar. The Ministry of Industry and Mineral Resources recently concluded the multi-round auction for the Khnaiguiyah mining site, which resulted in the win of a consortium between Moxico Resources plc and Ajlan & Brothers Mining Company. The Khnaiguiyah exploration license is the first license to be issued pursuant to a competitive bidding process under the Saudi Arabian Mining Investment Law, during which the Ministry evaluated six proposals from qualified bidders. The Ministry of Industry and Mineral resources is planning to release multiple additional exploration licenses by the end of this year, all of which to be awarded through a competitive bidding process in alignment with the Kingdom's main objectives in the licensing round: transparency, compliance and collaboration with mining sector, on the path to advance the journey of exploiting the vast mineral sector in the Kingdom.
