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The exploration area is located in Al-Baha region
Saudi-listed Al Masane Al Kobra Mining Co. (AMAK) has been awarded a new exploration license for chromium, copper, nickel, and manganese from the Ministry of Industry and Mineral Resources.
The new license covers 91.76 square kilometres in the Al-Baha region, the mining company said in a statement to the Saudi stock exchange on Thursday.
The license is valid from 11 December 2024, until 10 December 2029.
The mining firm will carry out the required exploratory studies within the given timeframe to confirm the availability of the necessary raw materials.
The financial impact to AMAK and the timing of any potential development of this license will be clear after the completion of exploration work and studies, the statement said.
In September 2024, the company launched a strategic growth plan until 2025, which includes bidding for new exploration licenses and expanding production capacities to strengthen its position in the regional mining industry. |
