Ma'aden chosen as preferred bidder for Muhaddad and Ar Ridaniyah
Riyadh, September 06, 2023, Following two distinct bidding processes for each site, the Saudi Arabian Mining Company (Ma'aden) has been chosen as the preferred bidder for the Muhaddad and Ar Ridaniyah exploration licenses, according to a recent announcement from the Saudi Ministry of Industry and Mineral Resources. The ministry's expedited exploration plan is intended to unlock the kingdom's enormous mineral riches as part of Vision 2030. It includes the exploration licenses for Muhaddad and Ar Ridaniyah. The permits cover two important areas for exploration: there are copper, zinc, gold, and lead ore resources at Muhaddad, which is in the Asir region. Zinc and silver deposits can be found in the Riyadh region, near Ar Ridaniyah.
The new Mining Investment Law, which mandates that all businesses applying for various mining licenses demonstrate their technical competency and work program as well as their commitment to good environmental, social, and governance policies, will control the issuance of exploration permits.
According to the ministry, Ma'aden submitted the best proposal in terms of technical and social commitments for both the Muhaddad and Ar Ridaniyah licensing rounds. Ma'aden has committed to a number of exploration activities for the first two years of the exploration program, including drilling more than 61,000 meters to hasten the assessment of mineral deposits.
Additionally, Ma'aden will spend SAR7.5 million on a number of community initiatives in the regions close to the two sites. These initiatives include the construction of a center of excellence that will provide intensive training programs for the neighborhood as well as the allocation of up to 60% of the direct and indirect jobs to Saudis from the neighborhood.
The ministry intends to encourage and make it possible for new, junior investors and miners to participate in the additional licensing rounds it wants to hold in the near future. It has a number of programs targeted at optimizing and diversifying the economic impact and promoting the mineral mining sectors, and it works honestly and transparently to guarantee that the best bidder is selected to carry out the exploration program.