Abdulrahman Saad AlRashid & Sons Co “ARTAR” is pleased to confirm that it has been chosen as the successful bidder for an exploration tenure in the Kingdom of Saudi Arabia (KSA) in partnership with Australian company Hancock Prospecting Pty Ltd and Gold & Minerals Company LLC.
ARTAR and its partners will explore the awarded Al-Hajjar tenement, which is part of the Arabian Shield in the south-west of Saudi Arabia and is considered highly prospective for copper and gold mineralisation. The tenure was awarded after an extensive public tender process where participants were judged on their technical exploration and mine development experience and capabilities, along with their commitment to meaningful and timely exploration.
The award is further evidence that KSA is very keen to grow its mining industry, which is a key part of its Vision 2030 program, including providing various forms of support for the mining industry, importantly such as streamlined approval processes, and royalty relief.
ARTAR explained, “The mining industry in KSA is very promising. ARTAR has allocated a big investment to venture into the mining world. The ministry has been supportive and is pushing the boundaries to establish a mature mining industry on global standards.“
Garry Korte added “Hancock has a long and successful history of investing in the exploration and mining industry in Australia, but currently we are finding the investment environment in Australia has become far less certain. Despite Australia’s geology and resources, companies are increasingly forced to look offshore to access investment opportunities with a competitive investment environment. The policy environment of the KSA makes it a very welcoming environment for exploration and hopefully future project development.”
ARTAR stated, “We look forward to working with our partners and the KSA to dynamically explore and, potentially, build successful mining ventures in the Kingdom.”
Tad Watroba added, “We value this opportunity to work alongside our partners, and the KSA with their vision to grow the Saudi Arabian mining industry for the benefit of their citizens and future citizens.“
