AuKing Mining Ltd (ASX:AKN) and partner Barg Alsaman Mining Company (BSMC), a subsidiary of the Segia Gulf Group, will participate in the fifth round of licensing for prospective exploration projects by the Government of the Kingdom of Saudi Arabia.
The government’s Vision 2030 reform agenda focuses on building out the mining sector as a central pillar of Saudi Arabia’s economy, driven by a need to diversify away from hydrocarbon dependence.
Licensing rounds are designed to fast-track exploration and exploitation of the country’s mineral wealth by identifying the most suitable exploration partners for long-term growth and investment in the Saudi mining sector.
Prospective for precious and base metals
“AuKing recently announced the details of its significant Memorandum of Understanding with BSMC,” AuKing Mining CEO Paul Williams said.
“The Saudi Government has now established its 5th Licensing Round whereby six project licence areas, covering a total of approximately 750 square kilometres, will be made available to qualified bidders for tender.
“These project areas are very prospective for gold, copper, silver and other base metals and situated in the Arabian Shield geological region of western Saudi Arabia.
“AuKing is very pleased to have this early opportunity to work with BSMC with the proposed tenders, which close in early May and with final awards by the Government on May 23, 2024.”
The project areas are in different parts of the Arabian Shield. The country’s geology makes for a variety of different types of deposits across the region, which is divided into two main zones - the Arabian Shield and the Arabian Platform.
“Barg Alsaman Mining Company is entering a new challenge partnering with ASX-listed AuKing Mining,” Segia Gulf Group managing director Sheikh Abdullah Al-Qahtani said.
“By applying for the 5th Licensing Round bidding projects announced by the Ministry of Industry and Mineral Resources in Saudi Arabia, we are pursuing projects that are potentially very prospective areas for gold, silver, copper and associated minerals.
“We are a local Saudi company that is aiming to become a success in the mining sector in Saudi Arabia with our new partner.”