AMAK approves SAR 100M drilling, exploration subsidiary

An AMAK mining facility

Al Masane Al Kobra Mining Co.’s (AMAK) board of directors approved today, Jan. 14, the establishment of a wholly owned simplified joint-stock subsidiary, capitalized at SAR 100 million, according to a statement to Tadawul.

The new subsidiary will be headquartered in Najran city, and specialize in drilling, exploration, and related services.

The incorporation is subject to required approvals and licenses from the relevant authorities, and any developments in this regard will be announced in due course, the statement noted.

This move comes as part of AMAK’s strategy to develop the structure of its operational activities and strengthen future investments, contributing to improved operational efficiency and supporting sustainable growth in the Kingdom’s mining sector.