The consortium of Moxico Resources and Ajlan & Bros. won the license for the exploration of Saudi Arabia’s Al-Khunayqiyah mining site project, where zinc and copper deposits are estimated at around 26 million tons, the Ministry of Industry and Mineral Resources said on Wednesday.
The ministry awarded the license for SR252 million ($ 67 million) after a four-day electronic auction.
Three consortiums were shortlisted for the project which included Alara Ventures and the Tasnim Group Co.; the Saudi Arabian Mining Co. and Ivanhoe Electric Co.; and Moxico Resources and Ajlan & Bros. Mining Co.
The Al-Khunayqiyah mining project has four separate mineral bodies rich in copper and zinc.
In an exclusive interview with Arab News earlier, Abdulrahman AlBelushi, head of the Mining Strategy Department at the Ministry of Industry and Mineral Resource, said that exploration at the mining site will begin soon after the signing of the license agreement.
AlBelushi added that Saudi Arabia has been conducting auctions in the mining sector in a very transparent manner, which is why international mining firms are interested in the Kingdom.
He also said the 138 sq. km. Muhaddad mine project will be launched for tendering by the fourth quarter of this year.