AuKing Mining, an Australian Securities Exchange (ASX)-listed company, has partnered with Saudi Arabian firm BSMC to secure the Shaib Marqan exploration licence, awarded as part of Saudi Arabia’s sixth mining licensing round.
The Shaib Marqan licence area, spanning 91.8 km², is located approximately 240 km southwest of Riyadh, within the mineral-rich Ar Rayn Terrane of the Arabian-Nubian Shield. The region is renowned for its various mineral systems, and early surveys have revealed at least 22 ancient mining sites. Gold samples from the area have averaged 5.8 grams per tonne.
Under the terms of the agreement, AuKing and BSMC are committed to a minimum exploration investment of $1.2 million. The partnership will focus on gold, copper, silver and zinc, with AuKing funding exploration and development activities up to the feasibility study phase.
The equity interest will be divided 70:30, with AuKing holding the majority stake, while BSMC will assist with local administration, logistics, and fundraising for the project.
The collaboration aligns with Saudi Arabia’s Vision 2030, which seeks to diversify the economy and reduce reliance on oil revenues. The country aims to significantly expand its mining sector, with minerals playing a key role in the green energy transition and technological advancements.
AuKing’s Managing Director, Paul Williams, expressed enthusiasm about securing the Shaib Marqan licence, calling it a highly mineralized area with great potential. “This successful bid highlights our commitment to exploring opportunities in strategic, high-potential regions,” Williams said.
This development is a part of Saudi Arabia’s broader efforts to boost its mining sector and contribute to the Vision 2030 agenda, which emphasizes economic diversification and sustainable growth.
Earlier this year, AuKing Mining also secured an option to acquire North American Exploration, the owner of the Myoff Creek Project in British Columbia, Canada, further expanding its exploration portfolio.
The terms of the Shaib Marqan exploration licence are expected to be finalized in the coming weeks.