AMAK CEO says Al Masane mine to be ready in Q2 2023

11/04/2022 Argaam

Yahia AlShangiti, CEO of Al Masane Al Kobra Mining Co. (AMAK)

Yahia AlShangiti, CEO of Al Masane Al Kobra Mining Co. (AMAK), said the expansion of Al Masane mine will be ready in the second quarter of 2023.

 

The proceeds received by the company from its initial public offering (IPO) will be used in exploration operations for the upcoming projects, in addition to the Moyeath orebody development project to expand Al Masane mine, AlShangiti told CNBC Arabia.

 

Earlier this month, AMAK announced the use of proceeds from its initial public offering (IPO) of new shares, which took place from March 9-11, Argaam reported.

 

AMAK received gross proceeds of SAR 609.3 million and net proceeds of SAR 594.8 million, with IPO-related company expenses of SAR 14.5 million.

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