Saudi-listed AMAK joins consortium to bid for new mining site in Saudi Arabia
Saudi-listed Almasane Alkobra Mining Company (AMAK) has signed a consortium agreement with Jeddah-based Asas Mining Company and Arab Mining Company Fujairah to participate in the ninth round of the mining bids in Saudi Arabia.
The consortium will compete for the Nuqrah VMS belt, which is rich in copper, zinc, gold, silver, and lead, AMAK said in a statement issued to the Saudi stock exchange on Sunday.
A joint venture will be established if the consortium wins the bid, with 60% owned by Asas Mining and 20 percent each by AMAK and Fujairah-headquartered Arab Mining.
The agreement will automatically terminate if the consortium does not win the bid.
Asas Mining was established in 2011 and has multiple investments in the mining and quarrying sector.
In addition, the Arab Mining Fujairah is wholly owned by Jordan-based Arab Mining Company. It is involved in executing diverse mining extractive and industrial mining projects, producing basalt fibres and rebar in Fujairah.
Any major developments in this regard will be disclosed in due course, the statement said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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