Article by Elisha Newell, courtesy of Business News
20.03.2025
Mining magnate Gina Rinehart has set her sights on new exploration ground in Saudi Arabia as the Kingdom looks to lessen its oil dependency.
Through a consortium owned by Hancock prospecting, Ms Rinehart will be one of the first to break into mineral belts across Saudi’s Jabal Sayid and Al-Hajjar regions.
Saudi companies Artar and Gold & Minerals Ltd will work within Hancock’s Jacaranda Consortium to invest more than SR62 million (A$26.2 million) in exploration across the northern Al-Hajjar site and conduct 52,000 metres of drilling.
A second licence for the same site went to a consortium made up of Ajlan & Bros Mining and Chinese resources giant Zijin Mining.
Beyond exploration, Hancock’s Jacaranda Consortium is expected to direct SR4.2 million (A$1.8 million) toward local infrastructure projects.
Jacaranda is one of 14 local and international bidders which put their hand up for the exploration licences, reportedly worth around $97.5 million.
The greenlights cover two areas within the Jabal Sayid belt, which spans 2,892 square kilometres of copper, zinc, lead, gold and silver-rich soil.
Two more licenses were granted for the Al-Hajjar site, covering 1,896 square kilometres.
