AMAK expects financial impact of 2 new licenses after exploration works

Logo of Almasane Alkobra Mining Co. (AMAK)

Almasane Alkobra Mining Co. (AMAK) announced today, June 26, that it won the mining bids held by the Ministry of Industry and Mineral Resources for two exploration licenses for base metals and precious metals.

The company won a mining bid for the exploration license of Al-Hijra, located in Aseer region, on an area of 274 square kilometers (sq km), and includes ore types of Zink, led, gold and silver.

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It also won a mining bid for the exploration license of Jabal Qaran, located in Najran region, on an area of 57.72 sq km, and includes ore types of copper, lead and gold.

The location of Al-Hijra exploration license is beside (Almasane West) exploration license owned by the company and near the current mining license (AlMasane Mine) from which base metals (zinc, copper) and precious metals (gold, silver) are extracted, with a total area of 42.47 sq km.

The location of Jabal Qarn exploration license is near the (Kutam) exploration license owned by the company, which has a total area of 20.67 sq km.

AMAK will carry out the necessary exploration studies during the statutory period to ensure the availability of the required raw materials. The financial impact of these license will appear after the completion of exploration work and studies within the legal period.

The Ministry of Industry and Mineral Resources announced earlier today that six companies, including Maaden and AMAK, won the fifth round of mining tenders, according to Argaam's data.