Saudi Arabia’s Ministry of Industry and Mineral Resources on Monday announced the launch of a new bidding round for exploration licenses covering three mineralised belts.

According to the ministry, the three belts cover a total area exceeding 13,000 square km with prospective minerals including gold, silver, copper, zinc, and nickel.

The ministry said the newly offered belts build on areas previously presented in earlier rounds of mining license competitions, and include locations that have been the focus of extensive studies conducted over several decades.

The ministry added that the sites include belts with existing gold mines that produce significant annual output, in addition to zones containing deposits of various key minerals.

It noted that the application window for the pre-qualification phase will remain open until Dec. 15.

It added that all relevant geological and technical information has been made available to investors through the ministry’s digital “Taadeen” platform.

The competition process consists of three stages: pre-qualification, site selection, and a multi-round live auction scheduled for the first quarter of next year, during which companies will compete based on their proposed exploration spending.