Riyadh – Mubasher: Almasane Alkobra Mining Company (Amak) received a licence from the Saudi Ministry of Industry and Mineral Resources to explore gold in Aseer province, according to a bourse disclosure.
The licence was issued on 18 January 2023 and is valid until 24 November 2027. Meanwhile, the Tadawul-listed firm will explore an area of 34 square kilometres.
Amak will carry out the necessary exploratory studies to ensure the availability of the needed raw materials for the mining process.
The Saudi company noted that its will announce any further details, including the financial impact, regarding the licence after completing the exploration work and studies.
Earlier this month, the ministry licensed the firm to explore gold, zinc, and copper in Aseer province.
In the first nine months (9M) of 2022, Amak recorded a 22.10% plunge in net profit after Zakat and tax to SAR 104.82 million, compared to SAR 134.57 million in 9M-21.
