AMAK ends exploration plans with UK's Power Metal Resources
Saudi-listed Almasane Alkobra Mining Company (AMAK) has terminated its proposed plan to jointly explore, develop and extract nickel ore and other metals at the Qatan site with the UK-based Power Metal Resources.
The companies agreed to mutually terminate the letter of intent (LoI) as they failed to reach a final agreement, AMAK said in a statement.
AMAK said it was ready to explore future partnership opportunities which support its growth and strategic plans.
In September 2024, the company signed a LoI with Power Metal. The LoI was initially extended to March 9, 2025, and subsequently further extended by three months to June 9, 2025.
Power Metal Resources currently has an active exploration project in Saudi Arabia, as well as projects in Australia, Botswana, Canada, Tanzania and the US.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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