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Saturday, Feb 04, 2023

Saudi mining firm AMAK procures license to explore for gold in KSA’s Asir region

Saudi mining firm AMAK procures license to explore for gold in KSA’s Asir region

Saudi Arabia’s Ministry of Industry and Mineral Resources has issued a gold exploration license to Al Masane Al Kobra Mining Co., also known as AMAK, according to a Tadawul statement.
AMAK will have an exploration license to prospect for gold in the Kingdom’s Asir region, which covers an area of 34 square kilometers.

The license is valid until Nov. 24, 2027, in line with the new Mining Investment Law and its executive regulations, it said.

In the statement, AMAK said that it will carry out the necessary exploratory studies during the statutory 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, the statement added.

AMAK further noted that any related material developments will be duly revealed.

The mining sector in Saudi Arabia is one of the key pillars of the Kingdom’s economic diversification efforts. A recent report by the Payne Institute for Public Policy at the Colorado School for Mines in the US suggested that Saudi Arabia is set to become a “global leader” in the mining sector, due to its positive investment environment.

In January, the Kingdom also hosted the second edition of the Future Minerals Forum, where industry experts discussed the future of the mining sector in Saudi Arabia. They also talked about several options that could ensure sustainability in the mineral exploration industry.

During a panel discussion at the FMF, Suliman Al-Mazroua, CEO of Saudi Arabia’s National Industrial Development and Logistics Program, said the Kingdom is not only trying to accelerate mining operations to catalyze energy transition but is also working on innovative practices to ensure sustainable operations in the mining sector.

“Saudi Arabia is on both sides; supply and demand. We contribute on the innovation side to achieve sustainability and provide the world with more metals,” said Al-Mazroua.

In an exclusive interview with Arab News on the sidelines of FMF, Al-Mazroua noted that the Kingdom is witnessing a spur in private sector companies entering the mining sector, post the introduction of the new law.

“More importantly, the appetite of the private sector to join the mining industry — that is what matters to us. We see a lot of newcomers joining the mining sector. It shows the appetite and the real opportunity they are seeing in this sector. Mining has never been as popular as it is now,” he said.

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