AMAK signs multi-year sales agreement with Glencore International

12/01/2023 Argaam

AMAK signs multi-year sales agreement with Glencore International

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

Al Masane Al Kobra Mining Co. (AMAK) executed a new multi-year offtake contract with Glencore International AG to sell 100% of its zinc and copper concentrates produced from mining operations in Saudi Arabia.

 

In a statement to Tadawul, AMAK said as part of the agreement Glencore will provide mining technical services.

 

Delivery of copper and zinc concentrates will begin immediately and continue for a renewable 24-month period.

 

Under the offtake agreement, Glencore will support AMAK’s production processes to maximize value from production enhanced efficiency and flow, to ensure the best possible value for these products.

 

The financial impact of these measures will appear during Q4 2023, it added.

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