Ministry of Industry issues 2 exploration licenses for AMAK

20/06/2023 Argaam
Logo of Almasane Alkobra Mining Co. (AMAK)

Logo of Almasane Alkobra Mining Co. (AMAK)

Ministry of Industry and Mineral Resources issued, on June 19, two new exploration licenses for Al Masane Al Kobra Mining Co. (AMAK) in Najran to prospect for zinc and copper, spanning an area of 138,640 square kilometers.

 

The new license is in line with Saudi Arabia’s New Mining Investment Law and its executive regulations, the company said in a statement to Tadawul.

 

These licenses will be valid until April 25, 2028.

 

AMAK said it will carry out the relevant studies within the regulatory period to ensure the availability of the raw materials.

 

The financial impact and timing will be determined upon the completion of the exploration activities.

 

Any related updates will be revealed in due course, the statement added.

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