AMAK extends LoI with Power Metal for nickel ore extraction

Logo of Almasane Alkobra Mining Company (AMAK)

Almasane Alkobra Mining Company (AMAK) extended a letter of intent (LoI) with Power Metal Resources Plc, listed on the London Stock Exchange, for additional three months until March 9, 2025, according to a statement to Tadawul.

The extension comes to allow the completion of the drafting of the binding agreement terms agreed upon by the parties.

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The LoI will automatically expire upon the conclusion of the agreement or at the end of the additional three-month period — or any extension thereof, the statement added.

AMAK will announce any developments in due time.

This LoI does not result in any financial or legal obligations for either party, but the resulting agreements will be formulated later in detailed legal agreements and contracts, the company noted.

In September, AMAK signed a LoI with Power Metal seeking a joint venture (JV) agreement to explore, develop, and extract nickel ore and related minerals under AMAK Qatan Exploration License in southwest Saudi Arabia, Argaam reported.