Ma’aden and AMAK Sign Exploration License Exchange Agreement to Advance Kingdom’s Mining Sector Growth under Vision 2030
Almasane Alkobra Mining Company (AMAK) and Saudi Arabian Mining Company (Maaden) announced the signing of an agreement to exchange a number of exploration licenses.
Under this agreement, a group of exploration licenses owned by Maaden will be transferred to AMAK, in alignment with AMAK’s expansion plans and strategic vision to strengthen its exploration and new mine development portfolio. In return, Maaden will receive several exploration licenses currently held by AMAK, enabling both companies to enhance operational integration and improve the efficiency of exploration and development activities across geologically promising areas better aligned with the scale and business strategy of both businesses.
This agreement represents an important step toward enhancing the effectiveness of geological exploration, developing promising mining projects, exchanging expertise, and building capabilities.
On this occasion, AMAK’s Chief Executive Officer, Eng. Geoff Day, stated: “This agreement reflects our strong relationship with Maaden and represents a true embodiment of collaborative strategic partnerships within the sector with the focus on responsible, value-add resource stewardship across the Kingdom’s fast growing mineral resources sector. Undoubtedly, this pivotal step will enable both parties to accelerate exploration activities in high-potential geological areas. These new licenses will support our growth plans and expand our project portfolio in line with the aspirations of the Kingdom’s mining sector and our commitment to delivering sustainable value to our shareholders and the national economy.”
Furthermore, AMAK views this agreement as more than a simple exchange of licenses. It paves the way for future joint opportunities within the Kingdom and reaffirms its commitment to deepening cooperation and aligning efforts to unlock the full potential of the Kingdom’s abundant mineral resources
Eng. Geoff Day, AMAK’s Chief Executive Officer
