Almasane Alkobra Mining Co. (AMAK) has won a quartz exploration license from the Ministry of Industry and Mineral Resources, covering 90.15 square kilometers in the Najran-Aseer province.
In a statement to the Saudi Stock Exchange (Tadawul) on Monday, the company said the license was issued on Aug. 11, 2024 and is valid until Aug. 10, 2029.
It added that the license, which covers a total area of 90.15 square kilometers, was issued in accordance with the Mining Investment Law and its executive regulations, indicating that it will conduct the necessary studies and exploratory work on the sites during the regulatory period to ensure the availability of the required raw materials.
The financial impact value and timing of this license will become clear after the completion of exploration work and studies. Any major development regarding this license will be disclosed in a timely manner, AMAK noted.
