Two consortiums – one by the Saudi Arabian Mining Company (Ma’aden) and Barrick Gold T7 Limited (Barrick), and the other by Abdulrahman Saad Al Rashid & Sons Company (ARTAR) and Gold and Minerals Company LLC – have submitted bids for exploration and development rights of the Umm Ad Damar mine.
The Umm Ad Damar mining site has copper, zinc, gold and silver prospects, covering more than 40 sq km area.
The Saudi Ministry of Industry and Mineral Resources (MIM) confirmed receiving the proposals from the two consortia.
Qualified bidders will be assessed, besides their technical capability and financial capacity, on their proposed environmental and social management plans including the level of their commitment to the social development of the local communities.
The ministry said as per 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 bidding round for Umm Ad Damar follows the ministry recently concluding the multi-round auction for the Khnaiguiyah mining site.
A consortium between Moxico Resources plc and Ajlan & Brothers Mining Company won the bid for the Khnaiguiyah mining site.
The Khnaiguiyah exploration license is the first license to be issued pursuant to a competitive bidding process under the Saudi Arabian Mining Investment Law.
The ministry is also planning to release multiple additional exploration licenses by the end of this year, all of which to be awarded through a competitive bidding process.
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