Rinehart wins Saudi exploration ground

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.