Saudi-listed Almasane Alkobra Mining Company (AMAK) has entered into a consortium agreement with Jeddah-based Asas Mining Company and Arab Mining Company Fujairah to jointly participate in the ninth round of mining tenders in Saudi Arabia.
According to a statement released by AMAK to the Saudi stock exchange on Sunday, the consortium will compete for exploration and development rights to the Nuqrah volcanogenic massive sulfide (VMS) belt. This mineral-rich zone hosts significant deposits of copper, zinc, gold, silver, and lead.
Should the consortium be awarded the license, a joint venture will be established to manage the project. Asas Mining will hold a 60% stake in the venture, while AMAK and Arab Mining Company Fujairah will each retain a 20% share. The agreement stipulates that it will automatically terminate if the consortium is unsuccessful in securing the bid.
Founded in 2011, Asas Mining has a portfolio of investments in Saudi Arabia’s mining and quarrying sectors. Arab Mining Company Fujairah, headquartered in the UAE and wholly owned by Jordan-based Arab Mining Company, is active in a range of extractive and industrial mining projects, including the production of basalt fibers and rebar in Fujairah.
AMAK noted that any material developments related to the bid and partnership will be disclosed in due course, in line with regulatory requirements.