AMAK gets quartz exploration license from Ministry of Industry

Logo of Almasane Alkobra Mining Co. (AMAK)

Almasane Alkobra Mining Co. (AMAK) announced the issuance of an exploration license for quartz from the Ministry of Industry and Mineral Resources.

The license covers a total area of 90.15 square kilometers in Najran/Aseer Province with a license No:144625, the company said in a statement to Tadawul.

The license, issued on Aug. 11, 2024, is valid until Aug. 10, 2029. It is in accordance with the Mining Investment Law and its executive regulations.

AMAK will carry out the necessary exploration studies during the statutory period to ensure the availability of the required raw materials, the statement added.

The financial impact value and timing of this license will become clear after the completion of exploration work and studies. Any major development regarding this license will be disclosed in a timely manner, the Saudi listed firm noted.