Latest news with #AMAK
Zawya
14-05-2025
- Business
- Zawya
AMAK secures 3 mining exploration licences in Riyadh, Makkah
Al Masane Al Kobra Mining Company (AMAK) has officially secured exploration licenses for base and precious metals at the Jabal Ad Dimah, Jabal Al Klah North, and Jabal Al Klah South sites. Jabal Ad Dimah site includes three licenses in the Makkah region, covering a total area of 210.75 sq km. The site is rich in copper, zinc and gold. Jabal Al Klah North site in the Riyadh region spans 98.21 sq km, with zinc, lead and silver deposits. Jabal Al Klah South in the Riyadh region covers 19.22 sq km, rich in lead, silver and zinc. The licenses were granted in line with the Mining Investment Law, the company said in a statement to the Saudi stock exchange on Wednesday. AMAK will conduct the required exploration studies within the statutory time to assess the economic feasibility of the targeted minerals. Jabal Al Klah North and South licenses are located near the Radeniah East exploration license in the Riyadh region, covering a combined area of 82.84 sq km. The financial impact and timeline for these licenses will be determined upon completion of the studies and exploration work, the statement said. (Editing by Anoop Menon) (
Zawya
13-04-2025
- Business
- Zawya
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) (
Argaam
13-03-2025
- Business
- Argaam
AMAK joins Industrial Sector Competitiveness Program
Almasane Alkobra Mining Co. (AMAK) joined the Industrial Sector Competitiveness Program, according to a Tadawul statement. The program will contribute to reducing the company's production costs, the company said in a Tadawul statement today, March 13. As a result, the direct financial impact on the cost of sales will decrease from a previous increase of between 2.5% and 3% to an increase of 1% only. The financial impact will be reflected in Q1 2025 results, the company said. In January, AMAK received a notice from Saudi Aramco on the adjustments of prices of fuel products used in cement production, effective as of Jan 1. The move would lead to a 2.5% rise in production costs, according to Argaam data.
