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The new venture will focus on the Qatan exploration license
Almasane Alkobra Mining Company (AMAK) has signed a letter of intent with London-listed Power Metal Resources Plc to establish a joint venture to advance exploration at a mining site in Saudi Arabia.
The new venture will focus on exploration, leading to an initial mineral resource estimate for nickel ore and related minerals at AMAK-owned Qatan exploration license in the southwest of the kingdom, the Saudi-listed company said in a regulatory filing on Tuesday.
The JV will be 51 percent owned by AMAK and 49% by Power Metal Resources.
The ventures primary objective is to leverage Power Metal Resources expertise in the exploration and resource definition field for nickel and related minerals. The collaboration will also work on processing, marketing, and sales.
Power Metal Resources has an exploration project in Saudi Arabia and has completed field programs. The company has ongoing projects in Australia, Botswana, Canada, Tanzania and the US. |
