By: Zawya

Al Masane Al Kobra Mining Company (AMAK) has entered into an agreement with the Saudi Arabian Mining Company (Maaden) to exchange several exploration licenses. The deal, announced in a statement to the Saudi stock exchange, is described as a strategic partnership aimed at maximizing value creation in the Kingdom’s mining sector.

Under the agreement, both companies will swap exploration licenses to better align with their operational efficiencies and investment goals. The exchange is expected to enhance resource management, optimize the use of Saudi Arabia's mineral wealth, and open new avenues for expansion. AMAK noted that the licenses it will acquire are related to precious and base metals, though details on the licenses going to Maaden were not disclosed.

The transfer of ownership is subject to a regulatory lock-up period and final approvals from the Ministry of Industry and Mineral Resources and other relevant authorities. The agreement comes shortly after AMAK announced the discovery of potentially economic deposits of copper, zinc, gold, and silver within one of its exploration licenses in the Najran region.