By: Zawya

Saudi Arabia’s Ministry of Industry and Mineral Resources has awarded the third exploration license for Jabal Sayid, the first mineralised belt in the Kingdom.

The license was granted to a consortium comprising Polyus Mining Company and TransOceanic Mineral Company, the ministry said in a post on 'X' platform. 

The license covers 793.5 square kilometres ( sq km) in Mahd Al Dhahab Governorate in Madinah Province. Potential raw materials include gold, zinc, and copper deposits.

The consortium will have to invest more than 54 million Saudi riyals ($14.40 million) in exploration activities over the next three years. Additionally, it will need to allocate 5 percent of the exploration budget to support local community development and create jobs.

In March, the ministry announced the winning companies for its first mineralised belts licensing round, covering Jabal Sayid and Al-Hajjar sites.

The winning companies include Noring Ajlan & Brothers Mining Company for the Southern Al-Hijjar site and a consortium of ARTAR, Gold and Minerals Ltd and Jacaranda for the Northern Al-Hajar site.

Saudi Arabia announced the offering of 50,000 sq km of mineralised belts containing gold, copper, and zinc during the fourth edition of the Future Minerals Forum, held in January this year.