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Amak bags fourth mining licenses in less than two months: Tadawul-listed Almasane Alkobra Mining (Amak) has been granted a quartz exploration license from the Industry and Mineral Resources Ministry, it said in a filing to the exchange. The five-year license covers an area of 90.2 sq km in Najran and Asir, the company said in the disclosure. Information about the investment size and project financials will be released after “the completion of exploration work and studies.”
More where that came from: The company was granted a five-year exploration license for manganese ore across a 20.7 square km area in Al Baha province last month. That award came on the heels of landing two separate exploration licenses in June with SAR 92 mn in total investments, covering Jabal Qaran and Al Hijra, which hold reserves of gold, copper and zinc.
REFRESHER- The ministry unveiled earlier this year a fresh incentives package worth SAR 685 mn as part of efforts to expand the sector and tap reserves of gold, phosphate and others. The nation’s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January.
