RIYADH: In order to expand exploration at the Kingdom’s Qatan mining site, Saudi company Al-Masane Al-Kobra Mining Co. and UK-based Power Metal Resources have inked a letter of intent to form a joint venture. According to a Tadawul statement, Al-Masane Al-Kobra Mining Co., or AMAK, will hold a 51 percent stake in the JV, with the London-listed company holding the remaining 49 percent.
The announcement was made the day after the Saudi company unveiled its long-term strategic growth plan, prioritising operational expansion and producing gold deposits through the end of 2025. The aspiration is consistent with the Kingdom’s objective of positioning the mining sector as the third economic pillar in the nation, with an estimated $2.5 trillion in mineral wealth in Saudi Arabia.
AMAK’s most recent statement states, “The main goal of this JV agreement is to capitalise on Power Metal Resources’ experience in the exploration and resource definition field for nickel and related minerals.”The statement said that the letter of intent would run for three months and that both parties could agree to extend it for another three months.
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