Logo of Almasane Alkobra Mining Co. (AMAK)
The Ministry of Industry and Mineral Resources issued Almasane Alkobra Mining Co. (AMAK) an exploration license for copper and zinc in Najran Province, for an area of 63.9 square kilometers.
The license, issued on April 30, 2024, is valid until April 29, 2029, the company said in a statement to Tadawul.
This license was issued in accordance with the Mining Investment Law issued by Royal Decree No. M/140 dated 19/10/1441 AH and its executive regulations, the statement added.
AMAK will carry out the necessary exploration studies during the statutory period to ensure the availability of the required raw materials. The exploration area is located beside the Guyan Extension Exploration license and near the current (Jabal Guyan) mining license, which produces gold and spans 10.02 square kilometers.
The value and timing of the financial impact from license will become clear after the completion of exploration work and studies within the legal period, and the company will announce any major developments regarding this license, AMAK stated.
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