Industry Ministry awards gold exploration license to AMAK

Logo of Al Masane Al Kobra Mining Co. (AMAK)

The Ministry of Industry and Mineral Resources awarded a gold exploration licenseto Al Masane Al Kobra Mining Co. (AMAK) in Najran Province. 

The mining concession covers an area of 78.07 square kilometers. 

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

This license will be valid from July 12, 2023, until May 19, 2028. 

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

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. 

The new license is located near the current Jabal Guyan mining license to prospect for gold, with a total area of 10.02 km2.