AMAK obtains exploration licenses for 2 sites

Logo of Almasane Alkobra Mining Co. (AMAK)

Almasane Alkobra Mining Co. (AMAK) obtained exploration licenses for the Al-Hijra and Jabal Qarn sites, the company said in a statement to Tadawul.

Below are the details of the licenses:

These licenses were issued in accordance with the Mining Investment Law and its executive regulations.

AMAK will conduct the necessary studies and exploratory work on the sites to ensure the availability of the required raw materials.

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The Al-Hijra site is adjacent to AMAK's Al Masane West exploration license and within 10 km of the current mining license Al Masane Mine, from which zinc, copper, gold, and silver are extracted. Meanwhile, the Jabal Qarn site is near the company's Kutam exploration license.

The financial impact of the licenses is expected to be clear following the completion of studies and exploratory work.

AMAK said that it will announce any fundamental developments in due course.

According to data available on Argaam, in June, AMAK won the mining bids held by the Ministry of Industry and Mineral Resources for two exploration licenses for base and precious metals.